§ Mr. BattleTo ask the Secretary of State for the Environment what steps his Department plans to take to help borrowers faced with shortfalls following repossession.
§ Sir George YoungLow interest rates and improved employment prospects resulting from the Government's economic policies mean that fewer people are getting into difficulties with their mortgage. Those who are will be in a better position to repay any arrears and, as house prices recover, will be less likely to suffer a shortfall in the event of repossession. Individual mortgages are private contracts entered into by the borrower and the lender. It is for these parties, together with any indemnity insurer, to determine how any shortfall following repossession action should be treated.