You are here: Home - Uncategorized -

Repossessions rise as debt problems deepen

Written by:

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.



Related Posts


Tag Box




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

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

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...