The Island’s MP Andrew Turner expressed concern as official Government figures were released showing that 188 orders for homes to be repossessed were issued through the Newport County Court last year. Mr Turner fears that this number is likely to rise as people come to the end of fixed rate periods at the same time as there is a reduction in the availability of cheap loans and mortgages.
Mr Turner said
“It is not in anyone’s interest if homeowners cannot keep up with their repayments. Responsible lenders should be trying to help homeowners by contacting them before the end of their fixed rate mortgage period and not imposing sudden large increases in repayments. If Islanders are worried about being able to keep up their mortgage payments they should always talk to their lender first to see what can be done to avoid losing their home. The local Citizens Advice Bureau also offer a very good debt advice service, they can help by putting together payment plans, explaining all the options and ensuring relevant benefits are being claimed.”
The local Citizens Advice Bureau can be contacted on 0845 1202959 or you can drop in between 9.30am and 3.30pm Monday to Friday at their offices : Exchange House, St Cross Lane, Newport.
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