National Homebuyers: 'Concern over rising repossessions'

Citizens Advice wants to see more being done to help those who are struggling to avoid repossession.

[ClickPress, Thu Feb 21 2008] The charity blames mortgage lenders for failing to help many people who are struggling and said that it is not surprised by the latest figures on repossessions.

They show that repossessions increased by 21 per cent in the last year, almost double the total number recorded in 2005.

Sue Edwards, head of consumer policy at Citizens Advice, called for more to be done to help those fighting to avoid repossession.

"The current safety nets for homeowners on low incomes facing payment problems, such as income support for mortgage interest (ISMI), are completely inadequate," she said.

"Our evidence shows that lenders are not always doing everything they can to help borrowers in trouble, all too often piling on extra charges and being too quick to take court action rather than being prepared to negotiate affordable repayment arrangements," continued Ms Edwards.

Julian King, director of 'Buy My House Fast' property company National Homebuyers adds, "Those facing repossession must act quickly to avoid the worst.

"Mortgage rescue schemes such as Sell and Rent Back are poised and ready to assist the homeowner in dire straits. But immediate action is key to avoid repossession".

Mr King is a director of National Homebuyers, the UK's leading mortgage rescue company. He is also a founder of APBA [Approved Property Buyers Association] which is calling for regulation within the quick property sale and Sell and Rent Back industries to protect the consumer from smaller, less scrupulous operators.

Bookmark this release: Del.icio.us - Digg - Furl - Blinklist - Reddit