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Royal Bank of Scotland agrees to 6 month delay in repossessions

In a sign that maybe we are seeing a softening of the relationship between the government and the UK banking sector, it has been announced that Royal Bank of Scotland will give those in mortgage arrears at least six months to sort out their finances. This is actually double the time period which was requested by the government and bodes well for those in financial difficulty at the moment.

However, the fact that the government is now the majority shareholder in the Royal Bank of Scotland may well have something to do with their extended protection plan for homeowners. There are now hopes that the rest of the banking sector will follow suit in the short term and try to alleviate the ever-increasing number of homes being repossessed in the UK.

The Royal Bank of Scotland and its NatWest Bank division are major players in UK mortgage sector and this new relaxed strategy is sure to benefit many people in the country. Finally it looks as though the UK government has broken the back of the banking sector's resistance to change in this particular area of finance. Quite what happens after the six-month period is over remains to be seen.

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