"We are also pleased that all industry participants in the Panel have confirmed they will not initiate repossession action for at least three months after a borrower goes into arrears. This is a practice that Abbey and Santander's other UK subsidiary, Alliance & Leicester, already has in place.
Abbey has refinancing options available for customers experiencing mortgage payment difficulties and a number of policies aimed at avoiding repossession action.
Abbey has a lower level of mortgage arrears than the Council of Mortgage Lenders' average due to a responsible approach to lending and the quality of its mortgage book. In the cases that do go into arrears, we have always seen repossession as a last resort."
