Mortgage lenders 'sympathetic to homeowners'

Posted: 23 Dec 2009 11:36:48 GMT

Mortgage lenders are dealing with homeowners in a "sympathetic manner" in the face of the economic crisis, according to one expert.

Andy Pratt, chief operating officer at mortgage broker Alexander Hall, says that he hopes in the long run people will become aware of the manner in which lenders have conducted business.

He adds that he is optimistic that there will be some financial recovery in the housing market in the latter half of 2010, which should halt any increase in the number of properties being repossessed.

The Council of Mortgage Lenders has cut its predictions for the number of repossessions in 2009 from 75,000 to 48,000, despite the UK still being in economic decline.

Mr Pratt believes that this could be due to the way that mortgage lenders have dealt with homeowners who are struggling to pay their mortgage.

"Lenders are dealing with them very well," he advises.

According to the latest Fact Index from Paragon Mortgages, lenders anticipate a 6.7 per cent increase in business in the fourth quarter of 2009.

© Houseladder Ltd