A mortgage market recovery may lead to a rise in the number of repossessions as lenders enforce suspended possession orders after previous leniency, it has been claimed.
According to the Consumer Credit Counselling Service (CCCS), this situation is likely to worsen in October when support for mortgage interest payments for those who have been made redundant are halved to match the Bank of England's average mortgage rate .
Delroy Corinaldi, CCCS's director of external affairs, remarked: "There is no doubt that lenders have shown leniency towards debtors during the recession by not enforcing suspended possession orders.
"However, this leniency may have been partly determined by the markets."
Meanwhile, Yorkshire Building Society claimed recently that the number of mortgage borrowers now on their respective lenders' standard variable rates (SVRs) is over 2.3 million.
The provider said that SVRs represent 28 per cent of the total UK mortgage market .
Repossessions may increase in resurgent mortgage market
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Repossessions may increase in resurgent mortgage market
Mon, 19 Jul 2010
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