RSS FeedsHousing charity Shelter reveals thousands of homeowners are struggling with mortgage payments
01/02/2008
The homelessness charity said earlier today that the government and financial organisations need to help homeowners as the number of people seeking help with paying their mortgages has significantly increased over the last year.
The charity said they could hardly believe the number of homeowners that had contacted them last year worried about not being able to keep up with repayments. Homeowners were faced with no other option but to take out further loans and maxing out credit cards in order to make ends meet according to Shelter.
As a result of these shocking facts Shelter has asked for help from mortgage lenders and the government to join forces and set up some sort of advice scheme and a proposed “National Mortgage rescue scheme” which would be totally confidential and help those in need with advice and try and keep them in their homes.
According to Shelter though things are not quite as bad as back in the 1990s with repossessions soaring, help is definitely needed for those homeowners who are finding it difficult in making mortgage payments if things are to look better.
The FSA (the Financial Services Authority) has recently sent out a report stating that over a million homeowners are at risk of loosing their homes as a result of the slowdown in the UK economy. This news from Shelter comes after this report from the FSA. The report also states that the FSA needs to do something about those lenders who are ready to give out mortgages to those who may struggle in keeping up with payments.