'More should be done to help mortgage holders'

11-Aug-2008

Following the news that mortgage repossession figures increased during the first half of the year, one organisation has called on lenders to prevent further problems within the mortgage market.

Citizens Advice said it had seen an increase in the number of people facing mortgage arrears, yet lenders are "still not doing everything they can to help borrowers in trouble".

Instead, many are adding on additional charges and are failing to negotiate with borrowers, some of whom may be first-time buyers, to come up with a "workable solution" for repayments.

To "prevent the mortgage crisis deepening", lenders need to do "everything in their power" to help people by "treating borrowers in arrears fairly and sympathetically", the organisation said.

It also called on the government to "strengthen safety nets" for vulnerable borrowers.

However, despite repossessions increasing, director general of the Council of Mortgage Lenders Michael Coogan said most people were "coping well" with present financial conditions and paying off their mortgages.

Mr Coogan said given current economic trends it was "inevitable" that borrowers would be feeling under pressure.

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