Repossession measures `a positive move`

9 December 2008

The government`s measures to assist people who are at risk of losing their home because they are struggling with their mortgage repayments is a "big step in the right direction", an expert has said.

Earlier this month, the Government announced details of the Homeowner Mortgage Support Scheme, which will enable people with home loans worth up to £400,000 to defer a proportion of their interest payments for up to two years in the event that they lose their jobs.

Responding to the development, Al Elliot, an advisor at the Homeowners Advice Centre, said: "We have been waiting for this kind of government intervention for some time now and it is sad that it`s had to go as far as part nationalisation to make bank owners realise this."

Meanwhile, the Ministry of Justice reported last month that there had been 38,511 mortgage possession claims issued on a seasonally adjusted basis, representing a rise of nine per cent compared with the third quarter of 2007.

Tags: reposession, remortgage, debt

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