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Government Campaign Extended
The Council of Mortgage Lenders have released that John Healey, Housing Minister, has announced that the Government’s campaign which provides struggling homeowners with their finances in order to avoid having their homes repossessed has been extended.
Over the past year, more than 330,000 homeowners have had support and advice with their mortgages and now repossessions are running at almost half the rate of the previous recession.
The Government is now working with the Citizen Advice Bureau to run a series of help events in 56 repossession ‘hotspots’.
Due to the variety of help and support provided by the Government, combined with lower interest rates and stricter criteria on lenders The Council of Mortgage Lenders have reduced their repossession prediction for 2010 by a third, from 75,000 to 48,000.
In addition councils who fall in the hotspot areas will also be given a £2m enhance to the Preventing Repossessions Fund, resulting in them being able to help struggling homeowners address their arrears and improve their finances.
John Healey said: "With the pressure on homeowners set to continue this year, I'm determined that they get the help they need. That's why I'm extending our campaign so families across the country can get the free, impartial advice they need online, on the phone or on the high street. And it's why I'm boosting councils' coffers in the high risk areas so they can ensure people get the individual, flexible support they may need. The comprehensive range of Government help available - and tougher rules on lenders - will mean that repossessions remain the last resort."
