Unite plea to help families in distress

It has launched a new report to coincide with the political party conferences and will be debating the issue of repossession at fringe events run with the Money Advice Trust.

The BSA said: “The cost of repossession to families, lenders and the Government is high, both in monetary and emotional terms.”

Recommendations include urging the Government to encourage the take-up of insurance to help pay a borrower’s mortgage in the event that they become unable to.

The BSA also said shared equity schemes can help prevent repossessions.

Paul Broadhead, the BSA’s head of mortgage policy, said: “It is clear that there is no silver bullet to eliminate repossessions. Instead we need a framework of solutions, which together can help as many mortgage borrowers as possible to remain in their homes.

“Consumers get into difficulty meeting their mortgage repayments for a variety of reasons, in many cases it is caused by an unexpected life event, such as job loss or relationship breakdown.

“It is easy when reading statistics on repossessions to lose sight of the fact that each one represents a family who have lost their home. This is why the BSA is urging the industry, the Government, and other stakeholders to work together to help those at risk of losing their home.”