As more and more burdens are placed on UK homeowners, mortgage market experts predict that repossessions will rise to record rates this year.
During the second quarter of this year, mortgage repossessions increased by 24 per cent to 28,658, according to the Council of Mortgage Lenders . The figures are up on the first quarter of 2008, and are reportedly at a similar level to that reported in mid-1992.
Already, CML data shows that mortgage lenders have taken ownership of 6,100 more homes than during 2007. The CML forecasts 45,000 repossessions by the end of the year, with mortgage arrears reaching 170,000. Shelter, top housing charity, forecast an even more grim situation.
Rising repossessions due to mortgage market
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