20
Oct
Minister calls for action on repossessions
Banks can take more action to help homeowners faced with the
prospect of repossession, chief secretary to the Treasury Yvette
Cooper has said.
Speaking to Sky News, the minister said a number of actions could
be taken to help those with problems, such as changing the payments
profile or allowing a period where the homeowner only has to pay
the interest.
"There are a lot of things we can do to keep people in their homes
when they are under pressure," Ms Cooper stated.
More action of this kind by lenders could help boost the housing
market, as those wanting to buy a home can proceed with less fear
of losing their homes should they run into difficulties later
on.
On Friday, the Council of Mortgage Lenders said that while it does
expect a rise in repossessions, it remains a "very modest" total
and 98 per cent of people are still making their mortgage payments
as planned.
