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Council of Mortgage Lenders warns that tight times are ahead

Posted at May 30, 2011 | By : | Categories : Mortgage News | Comments Off

The Council of Mortgage Lenders has warned that households are going to be financially tight for several more months. The CML has forecast that around 40,000 homeowners are going to lose their homes during 2011.

There were 36,000 repossessions in 2010. The increasing number of repossessions reminds us of how our economy has been hit and how challenging making monthly payments has become. This is a situation that is likely to continue for a while without even accounting for any interest rate rises.

Mortgage lenders should be doing whatever possible to help borrowers pay mortgage payments prior to repossession of their properties.

 

Luke Memory Head of External Affairs at Revival Repossession Solutions comments: Even though there is much pressure on lenders and third party outsourced providers to work with customers in arrears from Central Government and the Financial Services Authority (FSA)  we have found that this is often not the case and some lenders especially the sub-prime lenders and third party collection agencies will try and force the issue of paying a large lump sum or use court as a threat and make the Repossession Process sound very one sided in the lenders favour.

More recently we have also seen the better known high street lenders also become less interested in providing any type of help for customers in arrears.

It would appear that we are at a critical stage in lenders seeing how far they can push a repossession flouting any “guidance” on forbearance from the FSA.

 

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