The Council of Mortgage Lenders has released figures showing a dramatic increase in the number of homes that were repossessed last year. During 2007, 27,100 homes were repossessed after borrowers fell behind with repayments . Whilst the Council of Mortgage Lenders had predicted a greater number of repossessions, that figure still constitutes an increase of 21 per cent on the previous year – 22,400 homes were repossessed in 2006.
Whilst that figure is the highest since 1999, the Council of Mortgage Lenders predicts a further increase in repossessions in 2008. The forecasts appear realistic given the number of borrowers whose fixed rate mortgage deals are coming to an end, whilst banks have increased rates in the wake of the sub-prime crisis. Further evidence of homeowners struggling to keep up with repayments was offered by the Council of Mortgage Lenders, as the number of mortgages in arrears rose by 8.6 per cent in 2007.
Fewer Homeowners Able to Cope with Home Loan Repayments
Fewer Homeowners Able to Cope with Home Loan Repayments
Wed, 13 Feb 2008
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