Some exciting new research by the Chartered Institute of Housing (CIH) has been conducted over the last year and they’ve finally released their findings. The research was designed to establish which types of home owner are most at risk of repossession and the CIH made some fastinating discoveries.
Here’s what they revealed:
- Most property owners in finacial difficulty will completely stop paying their mortgage instead of reducing payments or discussing a new repayment plan.
- Home-owners facing repossession are most likely to have taken out their mortgage in the previous four years
- Home-owners that have re-mortgaged in the last five years are more likely to face repossession
- Most people who get into financial difficulty have borrowed up to their limit
The research was compliled by examining repossession order cases and seeing if there are any common occurances across all the home-owners involved. Interestingly, the research aslo revealed that most repossession orders have come from banks that have received taxpayers money.
