Joined-up approach may prevent home repossessions

Tue, 20 Sep 2011

Home repossessions throughout the UK could be prevented if a joined-up approach is adopted by the government, the industry and consumer groups.

This is the recommendation of the Building Societies Association (BSA), which has noted the cost of repossession can be high from both a monetary and emotional perspective.

According to the group, the Conservative-Liberal Democrat coalition can play a big part in helping to solve the problem, while insurers and advice agencies could also lend a hand.

As part of their proposals, the BSA - which represents all 48 UK building societies - noted the government could actively encourage insurance policies that make sure a consumer's mortgage is fully paid off, while home loan lenders should clarify the separate regulatory structures for first charge, second charge and unsecured lending.

Paul Broadhead, BSA head of mortgage policy, said: "We need a framework of solutions, which together can help as many mortgage borrowers as possible to remain in their homes ."

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