Lenders 'reluctant to push repossession'

12-Feb-2008

Mortgage lenders are increasingly reluctant to let arrears issues reach the stage of repossession despite an increase in the number of cases, which may be reassuring to first-time buyers.

The advice from Which? and its essential guide to managing personal debt is that it is imperative to seek mortgage advice if you begin to struggle rather than ignore the issue, reports the Introducer Today.

Commenting on the need to act on mortgage difficulties, Phillip Inman, author of the guide, said: "If you have fallen behind with your mortgage payments you must contact your lender as soon as you can - a head-in-the-sand attitude will only make things worse."

This comes in light of figures from the Council of Mortgage Lenders that show repossessions at an eight-year high.

However, the number of repossessions was still some ten per cent lower than had been forecast for 2007, according to the report.

Calm in the storm for first-time buyers Affordable Dream Homes in Edgbaston

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar