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Cheap mortgages could help avoid repossession

Date: Fri, 12 May 2006

Shopping around for a cheap mortgage could help homeowners avoid repossession if they find themselves hit by a temporary loss of income.

With an alarmingly high number of people being forced out of their homes following unemployment or health problems, choosing a cheaper mortgage could prove to be a lifesaving decision.

This week Labour MP George Mudie warned that the growing numbers of home repossessions are "needlessly destroying people's lives," and that families facing financial difficulties should be given more support.

He has proposed a new bill which aims to protect those families who are temporarily unable to pay their mortgage.

In 2005 some 10,250 homeowners had their properties repossessed after failing to meet their mortgage payments, 60 per cent more than the previous year.

Cheap mortgages can help to lessen the financial burden for those who do find themselves in times of difficulty.


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