Mortgages - Home repossessions rise by 21 per cent - 11/02/2008

Home repossessions rose by 21 per cent in 2007, figures released today show.

The Council of Mortgage Lenders said 27,100 homes were taken over by lenders - the most since 1999.

This represents a threefold rise since 2003, and with economic conditions worsening the CML expects the increase to continue this year.

“The number of repossessions is likely to be higher in 2008 as a result of wider issues in the economy and the mortgage funding markets,” said CML Director General Michael Coogan. “Anyone who thinks they might be heading into difficulty should contact their lender, as problems are easier to resolve if they are tackled at an early stage.

“Lenders want to avoid repossessions just as much as borrowers do.”

The news comes amid growing concerns about the UK property market.

It was revealed earlier this week that the average family’s mortgage burden is at its biggest since the housing crash of 1990.

Halifax also reported a 35 per cent drop in the number of mortgage applications being approved.

Bookmark with:
  print Print Preview   email E-mail to a friend
 
Comments
Not comments have been posted yet.
 
Do you have something to say? (maximum comment length of 250 characters)

Post your comment
 
 
 
Related News
  20/09/2011 - Care home company fined for death. A care home company has been fined 100,000 after an elderly resident died after...
19/11/2009 - Abbey Extends 'Best-Buy' Mortgage Range. It has been revealed that a lender has launched a new two-year fixed-rate mortgage...
18/11/2009 - Fixed-rate mortgages fall out of favour. Fixed rate mortgages are falling out favour with borrowers as the Bank of Englands...
 
Related Guides
  Leasehold property tips. A guide to Mortgages The right mortgage for you Making mortgage repayments easy Mortgage...
Need to rescue your mortgage?. A guide to Mortgages The right mortgage for you Making mortgage repayments easy Mortgage...
Making mortgage repayments easy. A guide to Mortgages The right mortgage for you Making mortgage repayments easy Mortgage...
 
Related Articles
  The Best Mortgage Deal for Home Loan Modifications Incentive Programs. Nationwide there are many people planning to buy a home. Therefore, a mortgage is...
Mortgage approvals increase continues. It has been revealed by the Council of Mortgage Lenders, that the number of...
Finding the right mortgage. A mortgage represents a loan or lien on a property that has to be...

Mortgage News
20/09/2011 - Operator fined after girl thrown from funfair ride. A fairground operator has been sentenced after an 11-year-old...
Read More
20/09/2011 - Care home company fined for death. A care home company has been fined 100,000 after...
Read More
30/11/2009 - Abbey makes further rate cuts. Abbey has made alterations to its mortgage range, by...
Read More
More News >>