A new scheme aimed at helping individuals who get into financial difficulties with their mortgage will "pick up", according to one expert.
Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), stated that the low quantity of people approved - currently six - is due to the difficulties in calculating the factors affecting each case.
He said: "It is only for borrowers in a fairly narrow range of circumstances, and it is only one of a number of options."
An increase in leniency on the part of lenders in combination with lower interest rates has caused a decline of repossessions, Mr Clarke added.
This has resulted in the CML revising its estimates downwards for the year, he remarked.
On 22 June, the organisation revealed that it was changing its forecast on the number of repossessions in 2009 from 75,000 to 65,000.
Net lending is also expected to contract by approximately £5 billion, rather than the previously predicted £25 billion.
Monmouthshire Independent Financial Advisers Limited are authorised and regulated by the Financial Services authority. Reg number 185037. The Financial Services Authority does not regulate Buy to Let or Commercial Mortgages, nor taxation or trusts.
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