News - Industry
Mortgage Solutions | 11 Feb 2010 | 16:11
Housing minister John Healey has controversially claimed that repossession can “be the best option” for some homeowners.
Healey's comments come hot on the heels of figures from the Council of Mortgage Lenders which showed that 46,000 homes were repossessed in 2009.
Speaking on Radio 5 Live, Healey said: "For some people it can be the best option for them to allow their home to be repossessed... even in cases [where lenders look at repossessions as a last resort] some families may not be able to keep up with mortgage repayments even if they're re-negotiated and rescheduled."
Healey did acknowledge that each individual circumstance was different, but his comments have drawn criticism from shadow housing minister Grant Shapps and housing charity Shelter.
More to follow.
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Recent comments
I make the housing minister right, losing your home is not the end of the world. At the end of the day, you still have your health and family, which I believe is far more important than material wealth like owning your own home. Having come across people in those kind of situations, I know the effect financial woes have on their health and family, I can completely empathise. Nothing is worth endangering your health and your relationship with family. At the end of the day, life still goes on.
Sergio Almeida
11 Feb 2010 | 16:33
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