Lenders going out of their way to repossess homes says National Homebuyers

Over a million UK homeowners face a battle to avoid repossession in the year ahead, according to the Financial Services Authority (FSA).

[UKPRwire, Wed Feb 27 2008] With this in mind, the Financial Services Consumer Panel (FSCP) has raised concerns that some people are losing their battle to avoid repossession because many people are unaware of the rules that must be followed.

The rules state that customers must be "treated fairly", however this is not always the case and the suggestion is that some lenders are ignoring the rules on purpose.

"We have heard that some less scrupulous lenders are rushing to repossess properties without the courts considering the FSA rules on repossessions," said John Howard from the FSCP.

"And despite appalling stories of the misselling of mortgages, the sales tactics used are rarely taken into account in the court case.

"Clearly if a lender or mortgage broker has acted irresponsibly by persuading someone to take out a mortgage they cannot afford, a much more lenient view ought to be taken of the householder's case," he added.

Julian King of National Homebuyers says, "Anyone fighting to avoid repossession will be concerned to learn that some lenders are acting outside the rules in order to secure a repossession.

"When financial difficulty is rife, it's not surprising to see the lenders get their bigger knives out to stab the homeowner in the back.

"Homeowners with financial difficulties can find solace in mortgage rescue schemes such as Sell and Rent Back, which allows the homeowner to sell their property and rent it back".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase company, guaranteeing a quick sale for vendors who need to sell property fast. He is also a founder member of APBA [Approved Property Buyers Association] which is calling for regulation in the quick sale and Sell and Rent Back industries.

Company: National Homebuyers

Contact Name: Jayne Cornford

Contact Email: jayne.cornford@nationalhomebuyers.co.uk

Contact Phone: 08709798118

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