September 20, 2011
Building Societies Association Call For An End To Repossessions
There has never been a more anxious time for UK mortgage policyholders to make good with their monthly mortgage payments than now, but that might be about to change if new recommendations to avoid repossession are put in place.
There is a hefty cost associated with house seizures and a an emotional cost to be counted in sleepless nights and untold stress too. The Building Societies Association has recently produced a report that suggests that if repossessions are stopped, it could very well lead to further investment in the future,
The report contains the Associations recommends for lender forbearance, flexible tenure, government schemes and insurance and states that all parties have their role to play in stopping repossession.
Paul Broadhead, the Association’s group head of mortgage policy, said: "It is clear that there is no silver bullet to eliminate repossessions. Instead we need a framework of solutions which together can help as many mortgage borrowers as possible to remain in their homes."
