Homeowners may benefit from recent estimates by the Council of Mortgage Lenders (CML), one expert has suggested.
Spokesperson Beccy Boden Wilks for charity Money Advice Trust said that the CML’s downward revision concerning the number of repossessions in 2009 may indicate that conditions in the housing market are not as harsh as first feared.
“Obviously [the CML prediction] is encouraging and with the new government initiatives, like the Pre-action Protocol and the Mortgage Rescue Scheme, it may be that people are feeling the effects of them,” she said.
But debt management problems and mortgage arrears do still exist for members of the general public, Ms Wilks added.
She also highlighted that lenders were working towards providing alternative solutions for those experiencing debt problems and that ejecting somebody from their home should be the last resort.
According to a CML report published on June 22nd, the forecasted number of repossessions for this year had been reduced from 75,000 to 65,000.
By Francis Finch