UK Government Should Stop Home Repossessions

Property repossessions can and should be stopped in the UK, believe experts at the Building Societies Association.

On September, 19th, the Building Societies Association published a report entitled "A joined-up approach to helping mortgage borrowers" on its official website.

The report contains recommendations for lenders and the UK Government on the schemes for prevention of home repossessions.

In the opinion of experts at the Building Societies Association, many British homeowners feel pressured because they realise that their homes can be repossessed should they fail to keep up with monthly mortgage payments.

Such practice might well be stopped if the lenders, the consumer groups and the UK Government work together on the issue.

The report clearly states that "the costs of repossession to families, lenders and government are high, both in monetary and emotional terms. Government has an important role in preventing repossession, but so do others including lenders, insurers and advice agencies."

The full version of the report is available for free download on the official website of BSA.