Repossession advice site launched

Written on August 30th, 2009 by

Advice for renters

Advice for homeowners

The scene in a hearing

The Ministry of Justice has launched a series of online articles and videos to help people who are threatened with having their homes repossessed.

The advice at www.direct.gov.uk gives advice from the first arrears right up to what happens at a court hearing.

It is suitable for both homeowners and people renting a home.

The Council of Mortgage Lenders (CML) has predicted that 65,000 homes will be repossessed by lenders as a result of mortgage arrears in 2009.

"The Government has taken considerable steps to ensure people struggling to pay their rent or mortgage get the help they need to stay in their homes," said Justice Minister Bridget Prentice.

"Mortgage repossession figures released earlier this month show that the number of people facing repossession has considerably reduced since this time last year, but we’re not complacent."

The number of homes repossessed in the UK fell 10% in the three months from April to June, compared with the previous three months, according to the CML.

But the figure of 11,400 homes repossessed was up 14% compared with the same period the previous year.

The homelessness charity Shelter has warned of a second wave of home repossessions when interest rates rise.

It said that rising unemployment would also add to the risk of homeowners being unable to make their regular repayments in the coming months.

This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.

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