65% leap in mortgage repossessions
Latest figures released by the Council of Mortgage Lenders (CML) have shown that the number of mortgage repossessions leapt by 65% last year.
Repossessions increased to 17,000 in 2006 from 10,310 in 2005, its statistics have shown . The CML is now forecasting that repossessions will rise to 19,000 in 2007 and 20,000 in 2008, because of the recent hikes in interest rates.
Peter Tutton, national debt policy officer at Citizens Advice, said the figures showed that more people were being forced into marginal homeownership. ‘A lot of people have taken on mortgages that stretch them to the absolute limit, they are less likely to be cushioned by fixed rate mortgages from the impact of interest rate rises.'
Repossessions increased to 17,000 in 2006 from 10,310 in 2005, its statistics have shown . The CML is now forecasting that repossessions will rise to 19,000 in 2007 and 20,000 in 2008, because of the recent hikes in interest rates.
Peter Tutton, national debt policy officer at Citizens Advice, said the figures showed that more people were being forced into marginal homeownership. ‘A lot of people have taken on mortgages that stretch them to the absolute limit, they are less likely to be cushioned by fixed rate mortgages from the impact of interest rate rises.'
posted by ew at
10:25 AM
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