Business & Economy
Darlington Building Society reveals COVID-19 home pledge
June 1, 2020
A mutual has pledged to help every borrower keep their home amid the pressures of the coronavirus pandemic.
Darlington Building Society has unveiled a package of support for members suffering from COVID-19-related financial difficulties.
According to its scheme, the mutual says three-month mortgage payment deferrals – for members who have yet to take one – will remain available until October 31.
Furthermore, for members who have already taken a deferral, bosses say a range of flexible options are available, which include extending payment deferrals for a further three months.
Officials added the business will also not start any repossession action before May 30 next year if a member is in arrears due to COVID-19, as long as they keep working with the mutual to get their mortgage back on track.
Andrew Craddock, chief executive, said: “Our members come first, and we want to ensure the right support is available during any period of personal disruption, ill health or financial difficulty arising from coronavirus.
“We have supported our members throughout the outbreak, speaking to everyone who has requested a payment deferral to help them understand if that is the right decision for them.
“It is worth remembering that while payment deferrals can help cash flow in the short-term, it does increase costs in the long-term.
“For those members who are coming to the end of their payment deferral period we will be in touch to discuss their options going forward.
“I would finally encourage any members who are experiencing financial difficulties to get in touch to discuss their individual circumstances.”