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Govt extends repossession support

By Jonathan Dawes, Wed 17 Mar 2010 - Published in Mortgages

The government has unveiled extra support to help homeowners avoid repossession.

Housing minister John Healey extended the It's Your Home campaign by announcing an additional £2.5 million of funding to support struggling homeowners and revealed extra attention will be given to helping those in 86 repossession hotspots across the UK.

The campaign, which was launched in September last year, encourages people will mortgage worries to seek the professional help and support needed to manage their finances better.

Mr Healey pointed out that the initiative allows people to get free and impartial advice and called on struggling homeowners to visit the government's repossession website or call the National Debtline.

"More than 330,000 families have had help and advice with their mortgages over the past year, which is one reason why repossessions are running at half the rate of the last recession," he added.

Timothy Lambert, head of consulting at independent property investment advisor Ducalian, recently claimed that it will take time for the UK's mortgage market to show signs of real recovery.