Those worried about repossession should act fast

Fri, 12 Aug 2011

British homeowners worried about repossession should act fast to give themselves the most options, it has been claimed.

According to housing minister Gant Shapps, anyone who thinks they may be at risk of losing their property should not delay in taking action.

New Council of Mortgage Lenders (CML) figures show that the level of repossessions is relatively unchanged, with the number of homes taken into possession in the three months to July sitting at 9,000 - slightly lower than the 9,100 in the previous quarter.

Mr Shapps said struggling Brits should attack the problem head-on by seeking help.

"With today's figures underlining how the worst recession for a generation has brought difficult times for Britain's homeowners, my message to those homeowners is clear: the quicker you act, the more options you have to stay in your home," he said.

"The government is meanwhile getting on with the task of tackling the record deficit we inherited - to avoid the need for rapid increases in interest rates and keep the pressure off already stretched family budgets."

CML director general Paul Smee added that "anyone with debt worries should take advice and speak to their lender at the earliest opportunity, as most temporary financial problems can be resolved".

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