20 Oct

Minister calls for action on repossessions

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.
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