The latest figures from the Council of Mortgage Lenders (CML) are expected to reveal a grim possibility – that UK is heading for its highest number of repossessions for nearly 20 years. In total; 24,200 home-owners lost their property as a result of missed mortgage payments in the first 6 months of the year. Not since 1996 have so many people failed to stop repossession and lost their home.
On the plus side, repossessions did slow in the second quarter of 2009 and it looks very unlikely that the CML’s prediction of 1992-esqe numbers (65,000) will be reached. This slight upturn is down, in part, to super-low interest rates and support from the Govt. plus a little more lenience from lenders.
