Shelter Urges Government to Take Action to Avoid Repossessions

Mon, 24 May 2010

Shelter and the Council of Mortgage Lenders (CML) have urged the new Government to take immediate action to help thousands of people at risk of losing their homes.

The charity has urged that a clear commitment in the first budget be made to extend current support measures to borrowers who are in the greatest financial difficulty.

This letter has been signed by Citizens Advice and the Building Societies Association.

Despite recent CML figures showing that the number of repossessions in the first quarter of 2010 have declined, this drop is dependent on current low interest rates as well as the time-limited policy measures currently in place.

800 households a week are being repossessed, with homeowners desperately needing the new Government to continue the assistance that helps them to retain their homes.

Some present support schemes could be disbanded at any time, which leaves many people with no safety net and facing a real threat of repossession .

A Shelter survey highlight that 29% of mortgage holders are not ready for any increase in mortgage payments when interest rates increase.

Over 5 million mortgage holders have not considered how they will pay their mortgage when interest rates increase.

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