Housing and Repossession
General Information
2008 turned out to be a difficuly year for many people financially, and 2009 is expected to be just as tough. Many homeowners in 2008 had their properties repossessed, with as many as 75,000 properties forecasted to be repossessed in 2009. Below are two resources that may prove useful in combatting repossession during this time of financial crisis.
Worried About Reposession? Steps you can take to avoid it
It seems likely that house prices will continue to fall over 2009 leaving many homeowners lumbered with negative equity. On top of that, as the economy slows the unemployment rate has risen considerably, applying further pressure on many homeowners ability to meet their mortgage repayments. Interest rates have been cut down to the lowest level in history, but with many lenders failing to pass on the complete cut, many homeowners are not benefiting hugely.
Homeowners Mortgage Support (HMS) Explained
The Government has unveiled the Homeowners Mortgage Support (HMS) that is designed to help those who are struggling to meet their mortgage repayments due to a temporary loss in income.
How to protect your home & mortgage?
Moneysavingexpert.com has put together a mortgage arrears Q&A guide on how to protect your home loan if you're struggling to meet your repayments. The Q&A addresses the government support schemes available, mortgage insurance and steps to be taken in order to avoid repossession. This information can be found on the Mortgage Arrears Help page on Moneysavingexpert.com.
Are you worried about your mortgage?
The National Homelessness Advice Service has produced a practial guide for homeowners who are worried about their mortgage. This can be viewed on the publications page on the NHAS website.
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