I found this story in the Times today. Mortgage lenders who have been used to having their own way and making up their own rules for so long, are complaining about the Government’s Mortgage Lifeline plan that was launched by Alistair Darling to help those facing repossession.
“Mortgage lenders warned the Government last night that Alistair Darling’s plan to offer struggling homeowners a holiday from interest payments will result in new applications being turned down.
The Council of Mortgage Lenders (CML), whose members command 70 per cent of the home loans markets, said that for every repossession they put off for a year, up to 80 new loans would be refused.”
I suggest that if you are facing repossession you must try to force your lender to accept the Government recommendations. In the worse case scenario when you get to Court take all copies of correspondence with you to show the Judge that you have requested your lender to allow a payment holiday.
