AMI: CML repossession figures

The Association of Mortgage Intermediaries (AMI) has responded to today's repossession figures from the Council of Mortgage Lenders (CML).

Richard Farr, Director of AMI, said: "News that the number of repossessions was lower last year than previous predictions is very positive news for consumers, and the industry. It is encouraging that consumers are prioritising their mortgages and making every effort to keep possession of a very valuable asset. The industry must, of course, do everything it can to help consumers make their mortgage payments and maintain possession of their property.

"It is likely to be a difficult year for consumers in 2008 and good advice will be more important than ever. Advisers can play an important role in helping consumers manage their debts. There are lots of ways for consumers to get out of difficulty and it is important to for them to stay in close contact with their lender and seek advice at the earliest opportunity.

"Although 2008 may be a difficult year the UK mortgage market is very different from the US and we do not expect the same level of difficulties to arise. Lenders and brokers in the UK have been much more responsible in their dealings with consumers and the market conditions remain reasonably positive."