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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Assembly Government must redouble its efforts to help those facing mortgage problems
February 21, 2009 12:00 AM
Figures published by the Council of Mortgage Lenders show that a total of 11,300 homes were repossessed between July and September, compared with 10,100 in the second quarter of the year. Last year, 26,200 properties were taken into possession by lenders, so far this year the figure stands at 30,200. According to the CML 168,000 mortgage borrowers are now at least three months in arrears on repayments, 8% higher than at the end of June when 156,000 people had fallen that far behind on their loans
Commenting on the fact that the number of repossessions jumped by 12% in the third quarter of the year as increasing numbers of homeowners struggled to make their mortgage repayments, Welsh Liberal Democrat Housing Spokesperson, Peter Black said:
"We are now facing a problem that is as bad as, if not worse than the 1990s. The recession is hitting home owners very badly and already Councils are reporting that homelessness enquiries are up by as much as one fifth in many instances.
"In the light of this the Welsh Assembly Government needs to redouble its efforts to get help to those most in need. Although I welcome the money they have put into a mortgage rescue scheme there is clear evidence that many people are not aware that help is available and are not using it.
"The best way to deal with that is to liaise directly with the courts and try and seek an agreement that any repossession order that comes their way is referred to the scheme for advice and assistance before proceeding. In my estimation that may well help to cut the number of repossession significantly, whilst helping many people get out of mortgage debt and onto affordable repayment schemes."
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