Customers experiencing a reduction in income and willing to make regular monthly repayments will receive a similar, if not greater, level of forbearance to that provided under the Homeowner Mortgage Support Scheme (HMSS) and be encouraged to seek independent advice.
Paul Broadhead, Head of Mortgage Policy at the BSA, commented:- "Borrowers should have every confidence that, if they are a customer of a building society, the Customer Commitment means they will receive at least as much help as is available under the HMSS. This further confirms the building society sector's commitment to borrowers in difficulty. It builds upon the recently published booklet produced in conjunction with the Money Advice Trust providing advice to borrowers in difficulty.
"We look forward to continuing to work with the Government on this and other schemes to help hard pressed borrowers."
