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18/08/2009
Warning over repossessions rise |
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The number of repossessions in the UK will rise later this year and in 2010, it has been predicted.
UK Insolvency Helpline money advice coordinator Ian Boden-Smyth said that a fairly low number of homes have been lost in the last few years, partly because lenders are reluctant to take on the cost and bad publicity of repossessing.
He also noted that borrowers have been able to take advantage of low interest rates, but warned this is subject to change with the base rate likely to rise in the future.
"If they go up - three, four, five, six per cent - that is where the problems are going to arise," he stated.
Those facing a potential repossession of their home may wish to see a property lawyer about the issue.
Figures from the Council of Mortgage Lenders showed that there was a drop in homes taken back by lenders in the second quarter, falling to 11,400 compared with 12,700 in the first three months of the year.
Written by Anna Norton
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