7
Dec
Lenders 'helping borrowers manage mortgage payments'
Lenders have done "a lot of work" to help borrowers manage their
mortgage payments during the financial crisis, an industry expert
has said.
Bernard Clarke, a spokesperson for the Council of Mortgage Lenders
(CML), commented that the reason that the forecast for the number
of repossessions was revised downwards was largely due to work to
help people manage debts.
"Lenders have been looking at every possible way they can extend
forbearers to borrowers in difficulty and help them get back on
track," he said.
Mr Clarke added that the low interest rates had been a help to many
people paying off mortgages.
On December 2nd, the Co-operative Insurance released data that
predicted repossession figures would reach 50,000 in 2010, however,
the CML pointed out that this is 25,000 less than was originally
expected.
New legislation that came into force at the start of October demand
that mortgage lenders should contact local councils when
repossession proceedings are started against residents, allowing
authorities to assist those with serious financial problems.
