Principality Building Society has pledged that it will not repossess homes across its business until 30 June 2021.

The Welsh building society has helped thousands of customers with mortgage payment holidays since the start of the pandemic and said it intends to help vulnerable members in arrears get back on track.

Principality announced that it will continue to offer tailored support to members who need it, including payment deferrals for an agreed period of time.

The society also called on its members who are struggling to pay their mortgages to work closely with them to help them through any financial problems so they can stay in their homes.

“As a mutual, member-owned organisation we want to help people stay in their homes for as long as possible,” commented Principality CEO, Julie-Ann Haines. “Many people are facing financial difficulties right now and we will do all we can to help members who need it.

“This is a tough time and there is likely to be great uncertainty for some of our members. Some people might be worried about what to do next if their mortgage payment holiday has come to an end. Halting repossessions until July next year will give some members who are in arrears the support needed to get them back on track.”

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