Repossessed Property News
Climbing number of repossessions (February 10, 2008)
Climbing number of repossessions (February 10, 2008)
Climbing number of repossessions a cause to take cover
DESPITE
the Bank of England cutting the base rate to 5.25 per cent on Thursday,
it's no time for complacency among mortgage borrowers.
The credit crunch is still with us and household bills continue to rise.
And
very worrying figures on repossessions were published yesterday by the
Council of Mortgage Lenders (CML). The number of people whose homes
were repossessed by lenders jumped by more than 20 per cent in 2007 to
an eight-year high of 27,100.
If anyone needed a stark reminder
of the consequences of not being able to meet mortgage repayments, then
those figures should do.
You may also have watched the alarming
Repossession, Repossession, Repossession documentary this week on TV.
It featured homeowners who had run up debts that they were now finding
it impossible to deal with. And after years of easy credit, people are
now finding they can no longer take out yet another loan when they
start to struggle to meet their out- goings.
But it's no time
for scaremongering either, as the CML's repossession figures are well
down on the high of 75,540 reached during the house-price crash in 1991.
People
should try as hard as they can to live within their means, especially
since no-one really knows what way the economy will go this year. Click here to return to the News page
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