Online advice for those facing home repossession
August 31, 2009
With a prediction by the Council of Mortgage Lenders that house repossessions will hit 65,000 by the end of the year, the Ministry of Justice has set up a website to help those who cannot repay their mortgages cope with the situation.
The new site is part of www.direct.gov.uk and will publish articles and videos explaining exactly how the process works from getting behind on repayments to going to court.
The site is aimed at both home owners and those renting. Justice Minister Bridget Prentice said “The Government has taken considerable steps to ensure people struggling to pay their rent or mortgage get the help they need to stay in their homes.” She went on to point out: “Mortgage repossession figures released earlier this month show that the number of people facing repossession has considerably reduced since this time last year, but we’re not complacent.”
Even though the figures for repossessions reduced in the second quarter by 10% over the first quarter according to the Council of Mortgage Lenders, the figure is still up 14% on the same period in 2008.
Homeless charity Shelter has said that it predicts a rise in the number of homes repossessed as unemployment figures continue to rise. They also warned of another spate of repossessions when interest rates go up.
Thanks to www.bbc.co.uk for the above quotes, for more information on this article please visit their website.
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