Royal Bank of Scotland Will Wait 6 Months Before Repossession Proceedings

Royal Bank of Scotland (RBS) chief executive Stephen Hester has vowed that homeowners who have problems paying their mortgage repayments and fall behind will be given six months breathing space avoiding any repossession proceedings until then.

Reporting in the FT, RBS new Chief Executive Hester said that because they recognize their customer’s needs they will fulfill them where possible, he also added this move is not because they are under moral pressure but because it makes commercial sense.

Royal Bank of Scotland which also own NatWest have doubled the breathing period that banks agreed with the Chancellor last week which was 3 months.

However Hester does urge customers to talk to their bank as soon as they can if they worried about making payments, the banks guarantee will apply to all customers.

Source: Telegraph

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