Repossesions hit new low
Recent figures published by the Council of Mortgage Lenders (CML) suggest that the number of UK home repossessions in 2011 was the lowest since 2007, thanks largely to low interest rates and good arrears management by the banks. Nevertheless, they warn that the high cost of living coupled with a rise in unemployment is likely to see more homeowners facing serious problems this year.
According to the CML, the total number of homes taken into possession by mortgage lenders in 2011 was 36,200, although the number of buy-to-let properties being repossessed had increased by 25%. But the organisation predicts that some 45,000 homes will be repossessed in 2012.
If you’re concerned about your finances and think you may have difficulty keeping up with your mortgage repayments, talk to your lender as soon as possible.