The Council of Mortgage Lenders (CML) expects to see a dramatic rise in property repossessions this year but stresses that its members view house repossession as a last resort. The Financial Services Authority, which regulates all lenders, requires policies to be in place that offer alternatives to home repossession wherever possible. If you are facing the threat of house repossession, ask your lender to see their arrears management policy and if you don’t understand it, request an explanation. They have an obligation to treat you fairly so if you don’t think this has happened you should take advice on what to do next. Start by talking to your lender, but other agencies such as the Citizens Advice Bureau and the National Debt Helpline will be willing to provide you with free advice.

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