Last month, the Financial Services Authority (FSA) released some shocking stats that revealed the number of people who lost their homes rose by 3% between July and September 2009. In total, 13,987 properties were repossessed which is undoubtedly high but the figure was a full 6% lower than the first quarter of the year.
The number of repossession order hearings dropped into 2009 due to a combination of factors including Govt. schemes, low interest rates and lenders meeting mortgage-holders halfway. There was some more ‘good’ news as there was a drop in the number of people who had fallen behind with their repayments and overall, 395,000 people ended the third quarter in arrears – 7,000 fewer than at the end of June.
