NatWest and RBS Mortgage Six Months Repossession Pledge
On 22 February 2010 NatWest (natwest.com) and RBS (The Royal Bank of Scotland, rbs.co.uk) announced a new six month repossession pledge to customers falling into arrears.
The two Banks new pledge for 2010 is meant to provide real help to residential mortgage customers facing financial difficulty.
The Banks committed not to start repossession proceedings for a full 6 months after a customer first falls into arrears, easing the pressure on those homeowners struggling to meet their mortgage payments in these troubled times.
This new pledge comes as recent market figures suggest that the number of repossessions could rise by about 15% in 2010, making forbearance measures, such as those by NatWest and RBS, increasingly important.
NatWest and RBS made a commitment in December 2008 to support customers during 2009 and the Banks’ repossession figures seem to remain well below the industry average.
