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Government targets repossession hotspots
13/11/2023
More help was offered to struggling homeowners as the government officially named 34 repossession ‘hotspots’ across the country – including Sedgefield, Tony Blair’s old constituency, and four areas of London.
John Healey, the housing minister, warned that the risk of repossession would ‘stay high throughout next year’, prompting his department to announce it was stepping up support for homeowners in financial difficulty by extending a campaign offering impartial free advice, and tightening rules to make sure repossession is always the ‘last resort’.
More than 300,000 families have already benefited from the advice and support the government has put in place during the recession, the communities and local government department said.
Healey said he was extending the local drive to encourage people to seek mortgage help and advice into 34 areas considered at greater risk due to high levels of unemployment and numbers of court orders for repossessions.
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Are there any statistics available on repossessions by lender? Repossessions are particularly a problem in the sub-prime market. Some lenders like Swift Advances must exceed recent figures published by the CML (Swift is a member) for re-possession. Is this because they are considered secured loans or sometimes second charges rather than mortgages? They still account for high numbers of possession cases. They have astronomical numbers of possession cases going through, you only have to look at every court diary in the country, every day, every week to see hundreds of cases. They have always targetted people who are likely to struggle to pay mortgages. Like other lenders they have excessive charges and interest rates and most of their borrowers have ended up with unmanageable and mounting debts. These lenders need to be “targetted” by John Healey and made to bring their excessive interest rates down to give people a chance.
Posted by topgirlblog on Monday 16 2009 at 01:02 PM