Banks are set to contact thousands of at-risk borrowers under plans to stave off fears of a huge rise in home repossessions. Independent on Sunday, Financial Times
The move, by the British Bankers' Association, will see banks agreeing to contact borrowers over the coming months, before financial difficulties turn into a full-blown crisis.
New guidance which will be introduced into the banking code in April, will push lenders to take action to help borrowers who could be running into difficulties.
Until now it has been the borrower’s responsibility to contact the lender if they feel they are at risk of mortgage defaulting.