HC Deb 25 February 1994 vol 238 c447W
Mr. Battle

To 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 Young

Low 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.

Forward to