According to new figures about mortgage lending in the UK, the Financial Services Authority have found that repossessions have soared by an incredible 71 per cent in one year.
According to figures from the last quarter, 11,054 repossessions were made, indicating that Brits are struggling to pay their mortgage loans . Furthermore, the FSA figures indicate that the number of Brits now in arrears has increased to 312,000, 16 per cent up on last year.
Commenting on the report, the chief executive of housing charity Shelter, Adam Samson, reportedly commented: "These figures are not only shocking and worse than expected, they highlight the crippling severity of the credit crunch on ordinary homeowners. It is easy for the FSA to issue new figures highlighting the problem, but as the key financial regulatory body it must start using its teeth to stop lenders rushing to court to repossess people's homes."
Repossession rise indicates Brits in trouble with mortgages
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Repossession rise indicates Brits in trouble with mortgages
Thu, 30 Oct 2008
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