Darlington Building society pledges to help borrowers keep their homes

Jessica Bird

May 27, 2020

andrew craddock Darlington Building Society

Darlington Building Society has pledged to provide a package of support to any member who finds themselves in financial difficulty due to COVID-19.

This includes the three-month mortgage payment deferrals for both those customers who have already taken a payment holiday, and those that have not, as per the Financial Conduct Authority’s recent extension of the scheme.

The society has further pledged that it will not commence any action to repossess a member’s home before 30 May 2021 if they are in arrears due to COVID-19, as long as they keep working with us to get their mortgage back on track.

Buy-to-let (BTL) landlords who take payment deferrals will be encouraged to give their tenants a rent break.

Darlington Building Society, working in partnership with the government’s independent Money and Pensions Service, will refer any member in need of free debt advice to the Money Advisor Network.

Andrew Craddock, chief executive of Darlington Building Society, said: “At Darlington Building Society our members come first, and we want to ensure the right support is available during any period of personal disruption, ill health or financial difficulty arising from coronavirus.

“We have supported out members throughout the coronavirus outbreak, speaking to everyone who has requested a payment deferral to help them understand if that is the right decision for them.

“It is worth remembering that whilst payment deferrals can help cash flow in the short-term, it does increase costs in the long-term.

“For those society members who are coming to the end of their payment deferral period we will be in touch to discuss their options going forward, and I would finally encourage any of our members who are experiencing financial difficulties to get in touch to discuss their individual circumstances.”

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