The Dudley Building Society has stressed to brokers with Dudley mortgage customers, who might be having payment difficulties, to get in touch so that the full range of possible options can be discussed.
Sam Ward (pictured), the Dudley’s commercial director, says that there may be options that could be better for them than taking a three-month payment deferral.
“However, as the three-month payment deferral periods run down, understandably anxiety will return and we are here to offer appropriate help to those who find themselves in difficulties.”
Those options include:-
- Bringing the account up to date where possible
- Making payments to reduce the effect of the deferral
- Paying additional amounts to repay the deferred payments over a three, six or 12 month period
- Add the deferred payments and accrued payments and accrued interest to the mortgage balance to be repaid over the remaining term
- Extend the term – examining the chance to reduce payments by this method
Ward added: “Dudley Building Society is committed to our borrowers throughout their time with us. We will do whatever we can to cushion the financial impact that this crisis has unleashed on their ability to pay their mortgages.
“If any of our borrowers find themselves in difficulty, we are asking our introducers to have them contact us immediately because the sooner we are aware of their circumstances, the easier it is for us to support them.”