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Dudley Building Society promises to continue supporting borrowers

Dudley Building Society promises to continue supporting borrowers

16th July 2020

Dudley Building Society, which has adopted a very personal approach to borrowers needing help with payments during the COVID crisis by examining alternative options to the payment deferral, has promised to continue offering borrowers their full support to help them recover in the future.

Speaking about the Society’s response to borrower difficulties, Commercial Director, Sam Ward, says that in many cases, having discussed their situation, customers were surprised and pleased that there were other options that might be better for them than simply taking a three month payment deferral.

She said, “Borrowers are coming to us because their world has been turned upside down and the first thing we need to do is to reassure them that we are here to help. As a Society, our overriding philosophy is about helping people throughout the mortgage journey, not just when their mortgages are granted. So, in these uncertain times, it is our job to help borrowers find the best solution for their individual circumstances. Taking a payment deferral is an option but, in our experience, not always the most suitable approach.

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.

For those who took the payment deferral route, at the end of the period we will contact them to assess their circumstances and agree a manageable way for them to repay the deferred payment and additional interest that has accrued.”

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

Sam 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, then they should contact us immediately because if we are aware of their circumstances then it’s much easier for us to support them.