You are here: Home - Uncategorized -

Repossessions rise as debt problems deepen

0
Written by:
01/03/2007

More people are struggling with their mortgage repayments  a problem that has been made worse by three interest rate rises in the past six months and more people over-borrowing to make their UK investment into the property market.-more->

These are the conclusions reached by property purchasing company A Quick Sale, utilising data from the Council of Mortgage Lenders (CML) showing that there were 8,140 repossessions in the first half of 2006 and 8,860 in the second.

A Quick Save managing director Richard Watters said: “Unfortunately, many people are letting their financial situations get to crisis point before seeking help, which can lead to an even worse predicament.

“The interest rate rises have done little to help people who were already struggling with their finances and particularly for those who are not on fixed rate mortgages to make their UK investment in property.

“Many of these people have seen dramatic increases in their monthly repayments, which has tipped them over the edge.”

This assertion is endorsed by estimates from the Royal Institution of Chartered Surveyors that reckon more than 50 families will lose their homes every day in 2007 because they can no longer afford to make their debt repayments.

 

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Most mortgage lenders back down on exit fees

Most mortgage lenders have backed down on charging high exit fees to borrowers closing their homeloans once their saving and...

Close