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RBS extends mortgage arrears respite to six months

Royal Bank of Scotland has revealed it will now wait for six months before those with mortgage arrears are repossessed.

In his pre-Budget report, Chancellor Alistair Darling pledged that banks would allow three months before repossession proceedings take place. But RBS has extended that pledge after a Government bailout of its rights issue saw the taxpayer become owner of 58 per cent of the bank.

RBS managing director of retail banking Craig Donaldson says: “We hope that our commitment will reassure our customers that we are committed to providing them with enough time, professional support and the assistance they need to resolve their financial difficulties.

“Our policy has always been to encourage those customers facing financial difficulty to talk to us so that we can work together, understand their individual circumstances and jointly resolve their financial problems. The repossession route is always a last resort and one where all other reasonable attempts to resolve the position have failed and one that we look to avoid where at all possible.”

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