A joined-up approach is essential to stop repossessions

The government, mortgage industry and consumer groups need to work together to prevent home repossessions and enable people to find cheap mortgages, it has been claimed.

According to the Building Societies Association BSA more needs to be done to prevent repossessions and a joined-up approach is essential to find a solution.

The firm also claimed that although shared equity schemes do have a place in preventing repossessions by enabling people to get cheap mortgages in a supported way, further investigation is needed into how equity can be 'staircased' depending on the circumstances.

"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," said Paul Broadhead, BSA head of Mortgage Policy.

Ben Wilkie, editor at What Mortgage, added that homeowners have many options available to them if they are struggling to afford their mortgage.

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2011-09-19 13:06:06 © Moneyextra.com