Property News in the UK

UK property news and links to various property websites. mortgage news, house price news, interesting properties for sale.

Wednesday, January 31, 2007

Property repossessions soar

The number of families suffering the misery of mortgage repossession and the threat of homelessness has risen sharply.

Figures published today by the Council of Mortgage Lenders (CML) reveal homes taken into possession by mortgage lenders shot up from around 10,300 in 2005 to 17,000 in 2006.

The CML said the rise was partly due to the financial impact of reaching the end of fixed-rate mortage deals, but mostly because of the growth in lending to people with poor credit records, where arrears and possession rates are higher.


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1 Comments:

  • At 5:44 PM, Blogger Wonga Wallah said…

    There can only be more problems on the horizon as fixed rate deals come to an end, leaving mortgage payers with the unenviable choice between paying a new rate significantly higher, or buying a new deal when mortgage arrangement fees have shot up.

    This will be the story of the year.

     

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