Government to provide more help for homeowners that are struggling
June 9, 2008
According to a recent report the government has promised to provide additional help and assistance for homeowners that are struggling in the UK.
A number of reports have shown that repossession levels have been rising and are expected to soar over the coming year, and the government plans to put procedures in place to help those facing repossession.
The Council of Mortgage Lenders has recently predicted that there could be more than 50,000 repossessions over the course of this year. Housing Minister Caroline Flint stated, however, that the situation was nowhere near as bad as in the 1990s.
Flint stated: “It is important to recognise we are dealing with an entirely different situation in the market from what was experienced in the early 1990s. The fundamentals of the housing market remain strong with high employment, low interest rates, and long-term demand for homes from first-time buyers.”
There are various actions that are planned by the government to help homeowners in this situation, and this includes providing free legal assistance, providing free advice to homeowners from experienced professionals, and ensuring that relevant professionals receive adequate training to help homeowners.
Written by Peter · Filed Under News Mortgages
i think its really unfair that americans are loosing houses, jobs and everything and non americans are living better than us. i have contacted my lender three times and have asked for help and still nothing now we are a month behind due to husband loosing his job and my second job being terminated and we have no where or no one to turn to. i never thought i would be loosing everything i have its just not fair.