Struggling homeowners have more options the quicker they act
With figures out today showing some households are continuing to struggle to pay their mortgage, English Housing Minister Grant Shapps has urged anyone who thinks that they may be at risk of losing their home to take action immediately. This was stated in a press release issued on August 11th, 2011.
Losing your home should only ever be the very last resort
New figures from the Council of Mortgage Lenders show that the level of repossessions is unchanged. The number of properties taken into possession in the second quarter of 2011 was 9,000 across the United Kingdom (UK), slightly fewer than the 9,100 in the previous quarter. Shapps called on struggling homeowners not to bury their heads in the sand but to see their mortgage as a priority and seek early help if they are at risk of repossession. He said that help was available, and so losing your home should only ever be the very last resort.
Protect more borrowers from the threat of repossession
As the Council of Mortgage Lenders left their forecast on the
numbers of repossessions this year unchanged at 40,000, Shapps said
that the single biggest impact that Government could have was
through the ongoing efforts to tackle the record deficit and
promote economic growth. He said this would help to prevent rapid
increases in interest rates and protect more borrowers from the
threat of repossession.