The West Brom Building Society has confirmed its support for the Government’s new Mortgage Charter, while also introducing its own measures to further assist residential mortgage customers amidst the ongoing cost-of-living crisis.
The Charter, which outlines explicit commitments to aiding borrowers, was rolled out earlier this week. However, the West Brom has chosen to extend its support beyond these basic guidelines.
Jonathan Westhoff, CEO of the West Brom, said: “The recent rises in interest rates is a source of concern for many.
“While the Mortgage Charter does offer some assurance, we felt it was necessary to provide additional, more tangible support for our borrowers in these challenging times.”
The Building Society has taken proactive steps to assist those who are financially vulnerable, including eliminating all arrears charges and reaching out to customers who might require extra help. Additionally, they offer referrals to free debt advice charities when suitable.
Westhoff further added: “We are continuously assessing the assistance we provide and have expert teams ready to offer tailored solutions.
“I strongly encourage any of our customers who might be experiencing financial hardship to contact us.
“Engaging in a conversation with us will not affect your credit score, and the sooner we become aware of any problems, the sooner we can assist in resolving them.”
