9:20pm Wednesday 17th March 2010
By Dave King
SWINDON has been identified as one of 86 repossession hotspots which will be receiving extra Government money.
Housing Minister John Healey has extended a Government campaign across the country by allocating an extra £2.5 million funding to ensure struggling homeowners get the help they need to avoid repossession.
New figures from the Financial Services Authority show there were 11,752 repossessions during the last three months – down 15 per cent on the third quarter of 2009 and 11 per cent fewer than the same period in 2008, taking the total for the year to 54,055 The Council of mortgage Lenders (CML) has cited Government help, lower interest rates, plus greater lender tolerance and understanding, as the key reasons why repossessions are running at half the rate of the last recession.
The Government has put in place a comprehensive range of support for struggling homeowners, and more than 330,000 homeowners have received help and advice with their mortgage in the last year alone.
The Government has also tightened the rules on lenders so they must prove they have exhausted every possible option before seeking court action. Last year, the number of repossession court orders fell by a quarter – and every region of the country saw a fall in repossession court cases.
But the CML has also warned that the pressure on homeowners will remain throughout 2010.
So the minister has announced an extra £2.5m for the Government’s campaign saying this will enable anyone with mortgage worries to seek advice.
In September, the Government launched the It’s Your Home campaign, to encourage struggling homeowners to get the help they need and avoid losing their home.
Swindon is among 86 repossession “hotspots” identified at greater risk due to higher levels of unemployment and repossession court orders.
This has led over 140,000 households to go to www.direct.gov.uk/ mortgagehelp for advice – a third of whom have used it to develop personal action plans to tackle their financial worries, working out how to talk to their lender and what Government help they can benefit from.
Concerned homeowners can also call the National Debtline free on 0808 808 4000 for help and support. Citizens Advice offices across the country have run over 100 public events in the hotspot areas so local people can receive free mortgage help and advice.
But with the pressure set to remain on families, Mr Healey encouraged struggling homeowners to seek the help they need.
He said: “With the pressure on homeowners set to remain throughout 2010 we must keep the Government support in place.
“Cutting that special help now would put an end to these special efforts now would put more families at risk of repossession.
“I would urge anyone facing money worries not to bury their head in the sand, but to go to our repossessions help website or call the National Debtline to get help in keeping their home."
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