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Homeowners' safety nets 'inadequate'

The safety nets put in place to protect homeowners on low incomes are insufficient, according to one organisation.

Repossessions in the UK have increased by 21 per cent over the past year and although this represents a large problem in the housing market, the Citizen's Advice Bureau (CAB) has stated that this may not reveal the true extent of the problem.

This is due to the number of schemes that prevent repossessions such as 'sale and rent back' and 'mortgage rescue'.

CAB has called for reform in terms of insurance benefits and products as well as tougher mortgage regulations.

"We also want to see tougher enforcement of existing regulation of mortgages and for the same regulatory system to apply to all mortgages and other secured lending in future, instead of the fragmented regime that currently applies," the CAB said in a statement.

It may become increasingly difficult in the next few months due to increases in energy process.

People struggling to keep up with mortgage repayments may wish to take out a loan in order to consolidate their debt into one manageable monthly payment.

See how much you could save with a consolidation loan from Lombard Direct.

© Adfero Ltd

15/02/2008 16:57:10

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