7 Dec

Lenders 'helping borrowers manage mortgage payments'

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.

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