Homes threat easing

THE number of families at risk of losing their homes is continuing to fall in Oldham as interest rates remain at an all-time low.

Mortgage lenders launched 150 repossession claims —the first stage in taking back a property — in county courts between July and September this year, down 27 per cent in the same period of 2008.

The figures published by the Ministry of Justice do not reveal the actual number of evictions because even after a claim has been made, a householder can still settle their debts and save their home and reach an agreement with the lender.

Numbers have been continuing to drop across the borough all year.

Between January and March, 258 claims were made against homes and a further 165 were issued between April and June.

Oldham East and Saddleworth MP Phil Woolas said: “Repossession is a traumatic experience, especially when it is through no fault of the home owner.

“We are keeping these figures down by Government intervention to make repossession the last resort and our goal is to protect people through this recession.”

Interest rates have been repeatedly slashed since August last year from 5 per cent to the current 0.5 per cent as the Bank of England tries to encourage more lending.

People on variable mortgages would have seen their payments fall significantly.

Oldham West and Royton MP Michael Meacher said: “I am pleased and relieved by these figures.

“In Oldham we are gradually coming out the recession and hopefully this will continue to gather pace.”

Mortgage lenders now have a duty to inform Oldham Council as soon as action is taken against any property in the district so council chiefs can ensure people who need help are getting the right support.

An awareness campaign also began across the borough yesterday, aimed at ensuring people have access to the right information and help.

Across England and Wales 24,938 claims were issued between July and September, down 34 per cent on the same three months last year.

For more information visit www.direct.gov.uk/mortgagehelp or call the National Debtline free on 0808 808 4000.