Articles
Families
under threat of repossession
must be given offered a "safety net" by the Government, a
banking chief has said. Michael Coogan, director general of the
Council of Mortgage Lenders, is calling for a radical shake-up of
the system for rescuing homeowners.
It
is feared that the number of house
repossessions will soar this year as the mortgage meltdown hits
home. So far, the figures are much lower than in the 1990s but they
have been rising rapidly in recent months.
About
75 people lost their homes every day last year, the highest number
for seven years, according to the Council. It fears house
repossessions will reach 125 a day - a figure that other experts
say is optimistic.
The
benefit, which covers the interest on a homeowner's mortgage, is not
paid for the first nine months of arrears.
This delay, introduced in 1995, has been heavily criticised because it proves the last straw for most homeowners.
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