RBS 'raises the bar'
01 December 2008
Shelter has welcomed The Royal Bank of Scotland (RBS)'s promise not to repossess properties of customers with mortgage arrears for at least six months, and has called on other lenders to follow suit.
RBS, which owns NatWest, is Britain's fifth largest lender with 7% of the mortgage market. The bank has also promised it will ensure customers get the chance to seek independent advice before any legal action is started.
Shelter chief executive Adam Sampson said: 'Shelter welcomes this important step by Royal Bank of Scotland towards helping thousands of people to keep their homes.
'For many families struggling to meet their mortgage repayments, a six-month breathing space can mean the difference between keeping or losing their home.
'RBS has raised the bar for other lenders who must now follow suit to ensure that all homeowners benefit from the same protection from repossession.'
