Estate agent body hails government repossession initiative - buy to let mortgages

23 October 2008

The National Association of Estate Agents (NAEA) has hailed an announcement by the government that new court protocols are to be introduced in order to ensure repossession is used as a final resort.

It could be beneficial to those with buy to let mortgages who may be struggling slightly in the wake of the credit crunch.

Chief executive of the NAEA, Peter Bolton King, said that the government's move would come as a "welcome relief" to many people across the country.

He remarked: "It is now more crucial then ever to ensure that the correct procedures are followed, allowing repossession to be seen truly as the last resort."

The organisation also pledged its support to proposals that firms engaged in sale and rent back schemes should be more heavily regulated by the Financial Services Authority.

A recent report from the Office of Fair Trading found that some consumers misguidedly enter into sale and lease back schemes when it is not the best option for them.