Many borrowers repaying arrears
[ Posted September 14th, 2009 ]The Building Societies Association (BSA) has reported the results of their research over the last two years, and it shows good news for financial recovery and the success of the government’s schemes to aid borrowers to keep their homes.
According to their report, 97% of borrowers who went into arrears during the last two years have been able to repay those arrears, or are currently repaying them, and are thus able to stay in their homes.
Paul Broadhead, who is head of mortgage policy at BSA, pointed out that this underscores the importance for borrowers that they must not ignore their financial difficulties, but rather approach their lender immediately. If caught in time, the lender can consider "all reasonable options to assist the borrower."
And these statistics show that by working together, many borrowers are able to save their homes.
December 5th, 2009 at 8:18 pm
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