Help to fight repossessions

LONG-AWAITED help for families facing repossession due to mortgage arrears could finally be on the way, ministers last night signalled.

Radical initiatives such as banks taking an equity share in homes, or assuming ownership of the property and leasing it back to struggling mortgage payers may be on the way if a new debt task force gives them the green light.

A “team of experts” – including bankers, consumer protection chiefs, a representative of the Free Legal Aid Centre and senior civil servants – has been assembled by the Government to probe the issues involved.