Darlington Building Society has pledged to help every borrower keep their home.
The package of support is available to any Society member who finds themselves in financial difficulty due to Covid-19.
Included in the Darlington Building Society Support Package is:
• 3-month mortgage payment deferrals for those members who haven’t as yet taken one will remain available up to 31 October 2020.
• For those members who have already taken a payment deferral a range of flexible options are available, including extending payment deferrals for a further 3 months if that is right for the member.
• The Society will not commence any action to repossess a member home before 30 May 2021 if they are in arrears due to Covid-19, as long as they keep working with us to get their mortgage back on track.
• Buy-to-let landlords who take payment deferrals will be encouraged to give their tenants a rent break.
• The Society, working in partnership with the Governments independent Money and Pensions Service, can refer any member in need of free debt advice to their Money Advisor Network.
In announcing the package of support Andrew Craddock, Chief Executive of Darlington Building Society said:
“At Darlington Building Society 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 (COVID-19).
“We have supported our members throughout the Coronavirus 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 whilst payment deferrals can help cash flow in the short-term, it does increase costs in the long-term.”
“For those Society members who are coming to the end of their payment deferral period we will be in touch to discuss their options going forward, and I would finally encourage any of our members who are experiencing financial difficulties to get in touch to discuss their individual circumstances.”