Comment on the CML repossessions figures

Published:

15/05/2009

Topic:

Press Release,Mortgages

Commenting on the CML repossessions figures, Louise Cuming, head of mortgages at moneysupermarket.com, said:

"Repossessions are still increasing, but they might not rise as much as the CML had predicted. These figures highlight the commitment by lenders to work with borrowers to keep them in their homes wherever possible.  Also, interest rates are now at an all time low which will be helping many borrowers meet their mortgage repayments, thus reducing the number of repossessions that would traditionally be expected in a recession and with this level of unemployment.   

"Many people in dire financial straits may still hope that if they ignore the problem it will go away, but it won't. Taking swift action and seeking help early on is always the best policy, and lenders are very willing to help people who address a monetary problem before it becomes a crisis.

"And while lenders must be applauded for taking steps to help homeowners where possible, they can still do more. A review of the fees charges by providers is long overdue, and it would send out a positive message to customers in financial difficulties if the lenders were to waive fees until we pass the worst of the recession."

-Ends-

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