Govt admits to repossession problems Says National Homebuyers
Housing minister Caroline Flint has admitted that the UK currently faces a problem with many people trying to avoid repossession.
[UKPRwire, Tue Feb 12 2008] With the global credit crunch forcing mortgage rates up and the cost of living rising considerably, many people simply cannot afford to keep up with their mortgage payments.
It means many are facing the prospect of fighting to avoid repossession, with the latest figure estimating that one million people could lose their homes this year.
During an appearance on BBC Two's 'Daily Politics' show, Ms Flint acknowledged that the government needs to do something.
"Part of it is looking at how we create affordable homes for people and that is something we are committed to, the supply of housing, but also looking at ways in which we can give people, particularly on lower incomes, the opportunity to become homeowners through shared equity schemes," she told the show.
"Part of it is about making sure that people do have the financial advice that they need to make decisions about when they take on mortgages as well."
Repossession solution expert Julian King of National Homebuyers says, "Mortgage rates are up, interest rates remain high, people are borrowing and getting into trouble and property values are falling. It's a heady mix that will continue to affect thousands of homeowners who are already stretched".
Mr King is a director of National Homebuyers, the UK's leading Quick Property Sale company offering a fast purchcase of any property or a Sell and Rent Back agreement, allowing the homeowner to sell their property, but remain living their as a tenant. Mr King is also a founder member of APBA, the Approved Property Buyers Association, which is calling for government regulation of the Quick Property Sale and Sell and Rent Back industries.