The Government must intervene to stem the number of people falling behind on mortgage payments after new figures showed court mortgage possession orders have climbed almost 25% since this time last year.
Liberal Democrat Shadow Chancellor Vince Cable says the Government must enforce a "proper" code of conduct to be implemented by mortgage lenders, while the Intermediary Mortgage Lenders Association (IMLA) has called for a revamp of the income support for mortgage interest scheme. Ministry of Justice figures published today reveal mortgage possession orders made in Q2 2008 were 24% higher than in the second quarter of 2007 and 4% higher than in the first quarter of this year. However, it points out not all court actions result in a repossession. But the figures follow actual repossession...
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