Government controlled bank Royal Bank of Scotland Group Plc have made it clear that those borrowers defaulting on their mortgage repayments will have six months of grace before foreclosure is initiated.
This waiting period, according to an RBS spokeswoman, will apply to all mortgage customers, even those that are already in mortgage arrears . Furthermore, according to a Financial Times report, this special period will last until the end of 2009.
The Government has a controlling stake in RBS, and can bring the group into line with their policy of keeping lending options open for consumers and small businesses. The news further consolidates an item in the pre-budget report, in which the largest mortgage lenders in the UK have agreed not to repossess homes in a three month period.
Mortgage foreclosure will be delayed
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