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Repossession must be last resort

Posted 2nd December 2009.

Healey said that the mortgage market needs repossession to always be the last resort. The Council of Mortgage Lenders claimed that there were 11,700 repossessions in the last three months, a very slight increase on the previous quarter. The figures represent an 8 per cent decline in the number of people losing their homes compared with the first quarter of 2009.

The CML cut repossession forecasts to 48,000, down from an initial prediction of 75,000. Healey reportedly commented: "I welcome the CML’s decision to revise their forecast downwards, in recognition of lender forbearance and Government measures, as it means they predict fewer families will lose their homes. But with the risk of repossession staying high throughout next year, I am stepping up Government efforts so people struggling with their mortgages have access to the practical, impartial help and advice they need to take control of their finances . Our support has helped over 300,000 families so far during the recession.

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