During the last 16 months The Co-operative has experienced a low but static level of arrears and has only been involved in 8 repossessions (0.015% of its mortgage book), compared to 16 repossessions in the preceding 6 month period.
Terry Jordan, head of mortgages at The Co-operative Bank, said: "Our repossession figures as a proportion of our mortgage book are extremely low, when compared with the industry average. We are committed to helping people stay in their homes and we always view repossessions as a last resort. Our responsible approach to lending has also resulted in a strong mortgage book as we believe in only lending to people what they are able to afford.
"If any of our customers do face difficulties, we have a dedicated team of personal mortgage advisers able to give advice to customers on how to manage their finances and deal with any problems at the earliest stage."
The Co-operative Bank personal mortgage advisers work on a pre-booked appointment system, with each initial consultation lasting for approximately one hour. This gives the advisers a complete picture of the customers' situation. Each case is different and the bank provides customers with a personalised solution, arranging a new payment plan, changing the way the customer makes a payment or even changing their type of mortgage.
