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24/12/2009
Lenders congratulated over low repossession tally |
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The lower than expected number of repossessions taking place this year provides cause for congratulation, a mortgage brokerage has said.
Chief operating officer at Alexander Hall Andy Pratt said: "Lenders are dealing with them [struggling homeowners] quite sympathetically and I think that hopefully in the long run that will come out and will be applauded."
He added that an economic recovery occurring soon should "head off" a large rise in repossessions.
Mr Pratt noted that some lenders are allowing customers to treat their mortgages at 120 to 125 per cent loan-to-value to make allowances for their situation.
Those who are facing the possible loss of their home may wish to see a property lawyer to see what options are open to them.
Earlier this month, the Council of Mortgage Lenders revealed it has cut its prediction for the total number of repossessed homes this year down to 48,000 from 65,000.
It had originally forecast a toll of 75,000.
Written by Laurence Smith
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