Mickey Brady raises concerns over increasing levels of Home Repossession
Newry and Armagh MLA Mickey Brady has spoken of his concern at recently published figures on the rising level of home repossessions published by the Council of Mortgage Lenders.
The Council of Mortgage Lenders said 27,100 homes, the highest figure since 1999, were taken over by lenders after people fell behind with repayments.
Mr Brady said:
"These figures showing 21% increase are extremely worrying made even more so by the fact that this is third year on year increase in home repossessions to a level not seen since 1999.
"There are very serious concerns about the number of people currently facing difficulties with their home mortgage repayments. Given the current economic climate there are very real fears that more and more people will fall into difficulties, particularly given the spiralling level of homelessness and current crisis in social housing.
"Mortgage providers need to look at the criteria they are using to authorize loans. We can't have a situation where people are being given mortgages for amounts of money that they simply cannot afford, with any small unplanned change in their income causing them serious financial problems and leaving them in danger of losing their home.
I would urge anyone who finds themselves facing such problems to seek immediate advice. In my own experience at dealing with people who are experiencing difficulties, one of the issues is that they leave it to late to seek advice and support." ENDS