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Write off up to 75%
with help from
Government Legislation

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In a bid to help those who are in mortgage arrears, it is suggested that lenders need to be equally fair to their customers.

Al Eliot, co-owner of the Homeowners Advice Centre, revealed that some lenders are finding it difficult to take on new business in the current economic climate.

"[They] are relentlessly pursuing outstanding payments and are not necessarily adhering to the agreed ‘softer’ collection guidelines," he continued.

The first port of call for anyone facing repossession is to contact the lender, Mr Eliot explained, which may enable borrowers to move to interest-only mortgages, leading to a reduction in the amount owed every month.

According to the Council of Mortgage Lenders (CML), there were 12,800 repossessions by first-charge mortgage lenders (including buy-to-let) in the first quarter of this year.

This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008 and although repossessions are still rising, the CML now thinks its 75,000 forecast looks pessimistic for the year as a whole.

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