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<p>The Government has put a number of protections in place to limit repossessions.</p><p>
</p><p> </p><p> </p><p>It established the independent Financial Conduct Authority
(FCA) and gave them the responsibility to put in place robust protections to ensure
fair treatment of borrowers facing payment difficulties. The Department for Work and
Pensions also provides help for pensioners and those out of work to meet their mortgage
payments through Support for Mortgage Interest. In addition, all borrowers can seek
protection in the Courts using the Mortgage Pre-Action Protocol, which makes it clear
that repossession must always be the last resort for lenders.</p><p> </p><p> </p><p>
</p><p>However, a well-functioning mortgage market will always need to keep the possibility
of repossession open as a last resort. Without this option, lenders have no reliable
security against which to lend and the likely consequence would be higher mortgage
rates.</p><p> </p><p> </p><p> </p><p> </p><p> </p>
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