Guidance will be issued to judges in an attempt to ease repossession rates, Prime Minister Gordon Brown has said.
Guidance will be issued to judges in an attempt to ease repossession rates, Prime Minister Gordon Brown has said.
Mr Brown told the Commons that lenders would have to demonstrate to the courts that they had exhausted every avenue.
Mr Brown told the Commons that lenders would have to demonstrate to the courts that they had exhausted every avenue.
Charities have argued that some lenders have turned to repossession too early, rather than as a last resort.
Charities have argued that some lenders have turned to repossession too early, rather than as a last resort.
The Council of Mortgage Lenders (CML) estimates that 45,000 properties will be repossessed this year - up from 26,200 last year.
The Council of Mortgage Lenders (CML) estimates that 45,000 properties will be repossessed this year - up from 26,200 last year.
Existing rules
Existing rules
Chief Secretary to the Treasury Yvette Cooper said on Sunday that she wanted "stronger rules across the board" to make sure homeowners were supported.
Chief Secretary to the Treasury Yvette Cooper said on Sunday that she wanted "stronger rules across the board" to make sure homeowners were supported.
A new protocol will state what the courts should expect of lenders bringing repossession cases.
A new protocol will state what the courts should expect of lenders bringing repossession cases.
This is in addition to existing Financial Services Authority (FSA) rules that stipulate how lenders should go about dealing with homeowners who fall into arrears.
This is in addition to existing Financial Services Authority (FSA) rules that stipulate how lenders should go about dealing with homeowners who fall into arrears.
Regulators have said that some small lenders have been too aggressive
The two codes are expected to operate in tandem.
The two codes are expected to operate in tandem.
CML figures show that the number of actual repossessions across the UK rose to 18,900 in the first six months of the year - up 48% on the same period of 2007.
Has your house been repossessed? Are you facing the possibility of losing your home?
This is far fewer that the number of homeowners who faced the earliest stage of a threat of losing their homes, known as "possession claims".
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Housing charity Shelter has said that escalating bills mean many households now fear losing their homes, but it said that they could be offered more support with mortgage repayments.
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