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RBS action on re-possessions
01/12/2008
Communities Minister Stewart Maxwell today welcomed news from the Royal Bank of Scotland that it will not repossess the properties of customers who fall behind on mortgage payments for at least six months.
Mr Maxwell said:
"Any help that the banking industry can offer to those at risk of repossession must be welcomed, and I would encourage other lenders to consider this action from RBS and follow suit.
"Just last week the Scottish Government announced that we are to invest £3 million to extend the range of legal advice and support available across Scotland to families facing home repossession.
"And unlike other parts of the UK, we already have in place a comprehensive support package for homeowners facing repossession through the Mortgage to Rent scheme.
"In addition to our existing commitment to introduce a new Mortgage to Shared Equity scheme early in 2009, this shows our determination to do all we can to enable people facing mortgage difficulty to stay in their own home."