Struggling homeowners aided by the Rock
NORTHERN Rock today amended its repossession policy to formally give six-months grace to struggling homeowners before starting any action.
Chief executive Gary Hoffman made the announcement days after the Rock said it was "comfortable" with its policy and appeared to reject following the Royal Bank of Scotland (RBS) in not taking any repossession action for six months.
But Downing Street, campaigners and MPs called for other banks to follow the lead of RBS, which doubled its three-month breathing space for borrowers falling behind with their mortgage repayments.
Like nationalised Northern Rock, RBS - which owns NatWest - is effectively under state control after the Government bought 58% of its shares for £15bn.
For more on this story see The Journal tomorrow.
