News

In an article printed in the Daily Mirror Sat 04/08/07 it states that 76 HOMES repossessed each day in debt crisis, the report goes on to say:
Britain’s debt crisis is spiralling out of control – with 76 homes being repossessed every day.

A total of 14,000 properties have been lost in a 6 month period already this year, according to figures out on Friday 03/08/07.

The number of repossessions is 30% up on the same period last year.

And with the full impact of 5 interest rate rises this year still to bite, more are expected to fall behind.  Shelter chief executive Adam Sampson warned “ this casts a long dark shadow over home ownership.  Ordinary people are staring at financial ruin as they try to keep a roof over their heads.

Homeowners are being hammered by recent rate rises a some irresponsible lenders are handing out mortgages to people who can’t afford the.”
The Council of Mortgage Lenders blamed the rise in repossessions on increased lending to people with a poor credit history.  Its figures showed that the numbers falling behind with mortgage payments fell.  But experts warned this was because lenders were getting tough on those with problems and anyone missing payments was having their house taken.

Peter Turron, of Citizens Advice, said: “Repossession is no longer a last resort for some lenders it is a routine response.