Tenancy Deposit Scheme mortgage spokesperson highlights improved conditions

Date:Monday 11th October 2010
Author: Susanna Kavka

Conditions have improved for people who see their landlord's home repossessed, according to a Tenancy Deposit Scheme mortgage expert.

Malcolm Harrison, a spokesperson for the organisation, explained that tenants are typically given plenty of time to find a new house before they must leave the premises.

He observed that mortgage lenders were much less sympathetic during the recession of 25 years ago, when people would not be given a chance to sort themselves out before being asked to leave.

"If they had to repossess, they were very quick to do so and the tenant would be out on their ear and that was it," said Mr Harrison.

The Tenancy Deposit Scheme mortgage representative described how tenants currently in this situation are often allowed to continue paying rent and living at a property until the term of the tenancy runs out.

His comments were made in response to a new document published by Communities and Local Government relating to the Mortgage Repossessions (Protection of Tenants) Act 2010.