Lenders ‘doing more’ to help those in arrears

Mortgage providers appear to be making more of an effort to assist those in arrears, according to Citizens Advice.

Sue Edwards, the organisation’s head of consumer policy, said this point is illustrated by the latest Council of Mortgage Lenders buy-to-let and repossession statistics, which revealed there were ten per cent fewer repossessions in the second quarter of 2009 than there were in the first.

“Today’s figures show that some lenders are showing much more forbearance and doing a lot more to help people in arrears,” she remarked.

Because of this, Ms Edwards urged those struggling with debt management to get in touch with their lenders as quickly as possible as situations that might have been viewed as “hopeless” in 2008 “could now be effectively addressed”.

Also commenting on the CML’s statistics was the National Landlords Association’s public affairs officer Vincenzo Rampulla, who claimed a 17 per cent decrease in arrears is “good news” for tenants.

By Chris Trimble