Repossession caution

11 August 2011

Homeowner family

Repossessions haven’t risen this quarter, but many homeowners are struggling with mortgage payments and Shelter is urging them to seek advice early.

Responding to new Council of Mortgage Lenders figures out today showing there were 9,000 repossessions in the second quarter of 2011, Kay Boycott, Shelter’s Director of Communications, Policy and Campaigns said:

‘We are relieved to see repossessions have not risen further but this is no time for complacency. 9,000 people went through the nightmare of losing their home and we know many more are on the cusp.’

‘Of the homeowners we help, many have been struggling for a while but until now have managed to keep hold of their home after agreeing a lower payment plan with their lender.

‘But the pressure of rising living costs has finally pushed them over the edge, and in some cases all it took was one missed mortgage payment to send them into a spiral of debt and repossession.’

Ms Boycott continued:

‘It is absolutely vital that struggling homeowners get help early. Whether you’re worried about missing this month’s mortgage payment or already falling behind with your bills, we can help stop things from spiralling out of control.

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