Banks are acting to support mortgage customers who are finding it difficult to meet their monthly repayments the British Bankers' Association said on August 6th. High street banks provide two-thirds of all home loans and, in contrast to other lenders - where the FSA yesterday calculated an increase in repossessions of over 40 per cent - saw their figures rise over the same period by only 6.6 percent.         

Chief Executive Angela Knight said:

"Home repossession is absolutely the last resort for banks. Our high street lenders are actively helping more people stay in their homes in these difficult times. We recognise that, with rising food and fuel costs, people may be finding money more difficult to manage and we urge anyone who is worried about meeting monthly mortgage payments to get in touch with their lender as quickly as possible. The problem won't go away on its own but banks are well placed to help customers plan their finances to keep the whole show on the road."

Mrs Knight also said the banking industry was the chief funder of the UK's independent financial advice charities and, itself, the first provider of debt advice for customers.

The BBA was pleased the FSA had been careful to distinguish mainstream lenders from those specialists responsible for much of the increase in repossessions.

August 6th, London, UK


Source: British Bankers Association


Email to Friend

Fill in the form below to send this news item to a friend:

Email to Friend
* Your Name:
* Your Email:
* Friend's Name:
* Friend's Email:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image
* Message: