New statistics have revealed that in the final three months of 2009, secured loan lenders repossessed 37% less properties than in the same period a year earlier.

Figures released by the Finance & Leasing Association show that second-charge mortgage lenders took possession of almost ten percent fewer properties in 2009 than they repossessed in 2008. Overall, they repossessed 1,458 properties in 2009, 9.2% down on 2008 and below the FLA’s original forecast of 1,522.

Fiona Hoyle, head of consumer finance at the FLA, says: “Second charge lenders are doing all they can to help customers in financial difficulties and this is reflected in the low number of repossessions. But many people are still struggling with repayments and this looks set to continue during 2010. Repossession will remain a last resort.”

If you are struggling to pay your second-charge mortgage you should not assume that your lender simply will not repossess you because they are showing more forbearance – if you do not act right away your property is still in jeopardy.

To make sure you are one of the lucky ones who does get to keep their house, you need to be proactive. Talk to your lender, your mortgage broker, debt advisers or debt charities – do anything, but make sure you tackle the problem head on, right away.

SOURCE: FLA, 11/02/10

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Too many people have battled with debt without taking stock and seeking out some professional loan advice.

In fact, over a quarter of householders in the UK are suffering mental anguish and depression due to housing cost worries, with over two million households finding meeting housing costs a constant struggle, 400,000 of whom are specifically falling behind with rent and mortgage payments, according to Co-Operative Insurance. 

And with the festive season now upon us, households will face increased financial pressures with additional seasonal costs contributing to householders money worries. People will be tempted to pile on debt and take on short-term solutions to get by into the new year. But this will only increase problems later on – debt needs to be dealt with professionally and responsibly, with a mind to long-term improvement.

James Hillon, head of home insurance at Co-operative Insurance says there are still many families, couples and individuals who are at risk of repossession or eviction around the UK particularly at Christmas – if debt is left to languish, your home will be at risk.

Don’t struggle on, week in week out with debts and risk losing your home. 2010 needn’t be like 2009 – talk to a mortgage professional about your loan and mortgage problems. They might be able to solve all of them, but they can go far in helping you get on the right track and can make sure you have a much better chance of holding onto your home next year.

SOURCE: CIS, 03/12/09

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog