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Ads highlight repossession risks Repossession risk areas in focus
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Residents of England are more likely to have their homes repossessed if they live in the North West or the West Midlands, the government suggests.Residents of England are more likely to have their homes repossessed if they live in the North West or the West Midlands, the government suggests.
A new advertising campaign urging people to seek advice when struggling with mortgage payments will be concentrated in these areas.A new advertising campaign urging people to seek advice when struggling with mortgage payments will be concentrated in these areas.
Some 300,000 people have received advice on the subject since April 2008.Some 300,000 people have received advice on the subject since April 2008.
But only 15 families have completed a process allowing them to stay as tenants in the homes they once owned.But only 15 families have completed a process allowing them to stay as tenants in the homes they once owned.
Greater numbers have been through schemes set up in Wales and Scotland, but Northern Ireland is awaiting funding for its own version.Greater numbers have been through schemes set up in Wales and Scotland, but Northern Ireland is awaiting funding for its own version.
The 22 areas of England which the government considers as repossession hotspots include: Barking and Dagenham, Corby, Knowsley, Salford, Newham, Walsall, Redditch, Halton, Sandwell, Wolverhampton, Bolton, Reading, Swindon, Northampton, and Cannock Chase.The 22 areas of England which the government considers as repossession hotspots include: Barking and Dagenham, Corby, Knowsley, Salford, Newham, Walsall, Redditch, Halton, Sandwell, Wolverhampton, Bolton, Reading, Swindon, Northampton, and Cannock Chase.
It also highlighted major conurbations such as: Nottingham, Birmingham, Manchester, Liverpool, Sunderland, Wigan, and Kingston-upon-Hull.It also highlighted major conurbations such as: Nottingham, Birmingham, Manchester, Liverpool, Sunderland, Wigan, and Kingston-upon-Hull.
AdsAds
The government wants new adverts to stress the point that early assistance from advice agencies can help prevent people losing their homes.The government wants new adverts to stress the point that early assistance from advice agencies can help prevent people losing their homes.
Many home repossessions are avoided when homeowners struggling to make repayments - perhaps during a period of temporary unemployment - negotiate with their lender about the amount they can repay each month on their home loan.Many home repossessions are avoided when homeowners struggling to make repayments - perhaps during a period of temporary unemployment - negotiate with their lender about the amount they can repay each month on their home loan.
MORTGAGE RESCUE SCHEMES England: 15 families now living as tenants in homes they used to ownWales: 70 families completed similar schemeScotland: 105 households completed since MarchNorthern Ireland: Scheme "ready to go" but awaiting funding Are government schemes helping? Help if you are facing repossessionMORTGAGE RESCUE SCHEMES England: 15 families now living as tenants in homes they used to ownWales: 70 families completed similar schemeScotland: 105 households completed since MarchNorthern Ireland: Scheme "ready to go" but awaiting funding Are government schemes helping? Help if you are facing repossession
Various schemes have been launched or updated in order to help people avoid repossession, with a mixed level of completion.Various schemes have been launched or updated in order to help people avoid repossession, with a mixed level of completion.
A fast-track team to oversee applications to the "mortgage rescue" process - when families can stay in their home as tenants after selling it to a housing association - is being set up in England.A fast-track team to oversee applications to the "mortgage rescue" process - when families can stay in their home as tenants after selling it to a housing association - is being set up in England.
This comes after just 15 families in England completed the process in the first six months of the year.This comes after just 15 families in England completed the process in the first six months of the year.
In the second quarter of the year, people from some 3,787 households approached their local authority saying they were facing mortgage difficulties. Of these, 1,792 were considered to be at risk and priorities for help, such as households with children, the elderly or disabled.In the second quarter of the year, people from some 3,787 households approached their local authority saying they were facing mortgage difficulties. Of these, 1,792 were considered to be at risk and priorities for help, such as households with children, the elderly or disabled.
Northern Ireland is still waiting for funding to start a similar project. Yet, 70 families have been through the scheme in Wales, and 105 families have completed the process in an updated scheme in Scotland since March.Northern Ireland is still waiting for funding to start a similar project. Yet, 70 families have been through the scheme in Wales, and 105 families have completed the process in an updated scheme in Scotland since March.
Rates effectRates effect
Low interest rates and more tolerant lenders helped reduce the number of homes being repossessed in the spring and early summer in the UK.Low interest rates and more tolerant lenders helped reduce the number of homes being repossessed in the spring and early summer in the UK.
The 11,400 homes repossessed in the second quarter of the year was 10% down on the first three months of the year, but was a rise of 14% compared with the same period the previous year, the latest figures from the Council of Mortgage Lenders (CML) show.The 11,400 homes repossessed in the second quarter of the year was 10% down on the first three months of the year, but was a rise of 14% compared with the same period the previous year, the latest figures from the Council of Mortgage Lenders (CML) show.
However, separate figures from the Ministry of Justice gave a hint of a future rise in repossessions in England and Wales, with the number of repossession actions started in the courts on the rise.However, separate figures from the Ministry of Justice gave a hint of a future rise in repossessions in England and Wales, with the number of repossession actions started in the courts on the rise.
Homeless charity Shelter also warned of a second wave of home repossessions when interest rates rise.Homeless charity Shelter also warned of a second wave of home repossessions when interest rates rise.
'Spiralling''Spiralling'
No figures have yet been released for the take-up of the Homeowner Mortgage Support Scheme in England.No figures have yet been released for the take-up of the Homeowner Mortgage Support Scheme in England.
This allows homeowners to defer up to 70% of their mortgage interest payments if they have a sudden loss of income, such as redundancy.This allows homeowners to defer up to 70% of their mortgage interest payments if they have a sudden loss of income, such as redundancy.
More free "last-gasp" advice has been provided for homeowners when they reach court.More free "last-gasp" advice has been provided for homeowners when they reach court.
An existing policy also allows people on income support or claiming job seekers allowance (JSA) to apply for government money to help repay the interest on their mortgages. The waiting period for those on income support, or JSA, was cut to 13 weeks some months ago.An existing policy also allows people on income support or claiming job seekers allowance (JSA) to apply for government money to help repay the interest on their mortgages. The waiting period for those on income support, or JSA, was cut to 13 weeks some months ago.
"When homeowners are under pressure and feel their finances are spiralling out of control, I am determined that they have access to practical and impartial advice so they can sort out their situation," said Housing Minister John Healey."When homeowners are under pressure and feel their finances are spiralling out of control, I am determined that they have access to practical and impartial advice so they can sort out their situation," said Housing Minister John Healey.
A spokeswoman for advice charity, the Consumer Credit Counselling Service, said that a protocol in the County Courts - which ensured that lenders explored all options before repossession - had helped reduce the numbers.
Mortgage rescue was necessarily complicated and time-consuming, causing few cases to be completed, she added.
But she pointed out that during a housing market slump, lenders would fetch less when selling repossessed properties, so the rate of repossession in a more buoyant market would be important to watch.