Seek help to avoid repossession, homeowners told

Homeowners that are struggling to pay their mortgage have been urged to seek debt advice in order to stave off the threat of repossession.

A spokesperson for homeless charity Shelter advised people not to ignore problems and get help as soon as they receive a phone call or letter from lenders over arrears.

She noted that initiatives introduced by the government have had an influence on banks and building societies, explaining that they are not moving to repossess at the “earliest opportunity”.

However, she added: “The various lender and government initiatives are a welcome first step but we believe that real attention needs to be paid to the needs of sub-prime borrowers.”

This could help to prevent the situation becoming out of control, the spokesperson claimed.

Recently, the Council of Mortgage Lenders announced that there were 40,000 repossessions in 2008.

The body revealed that this figure was actually 5,000 lower than previously expected.

By Jamie Price


Tell others: