Repossession data 'should be kept in perspective'

09-May-2008

Recent data which indicated a rise in the number of home repossessions should be kept in perspective as it is still very much a last resort, which could be reassuring news for first-time buyers.

The Council of Mortgage Lenders (CML) stressed that the mortgage industry is working to make more improvements, which will ensure that borrowers struggling with the effects of the credit crunch are given early information and fair treatment to help them manage periods of difficulty.

Michael Coogan, CML director general, commented: "No-one wants to see repossessions rise. But risk is a part of life, and for some households circumstances change and they cannot get back on their feet.

"However, most people who suffer payment difficulties can get out of trouble by taking good advice, prioritising their debts, and communicating with their lender early."

He added that lenders are "committed" to keeping the number of property repossessions "as low as possible", even in the current economic climate.

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