Tories launch Repossession Advice pack

Shadow housing minister Grant Shapps has launched a Repossession Advice pack to help home owners who are struggling with their mortgage payments.

The pack includes step-by-step advice for worried home owners and hopes to prevent borrowers from making their financial situation worse.

Grant Shapps, shadow housing minister, says: “Tens of thousands of people face the prospect of repossession this year and there will be even more who are privately worried.

“We wanted to do something really practical to help and so got together with housing, mortgage and debt counselling experts to produce the pack which is now available to download.”

The pack has been launched on the day that the Council of Mortgage Lenders reported a 54% year-on-year increase in the number of repossessions last year.

Some 40,000 homes were repossessed in 2008 with the CML’s forecast for this year at 75,000.