Latest Debt News
CML confirms repossessions are increasing
03/02/2006 17:54:00
The number of homes being repossessed in the UK rose by 70 per cent from the year before, according to the Council of Mortgage Lenders (CML).
However, it was the third lowest number of repossessions witnessed since 1983.
During the second half of 2005, there were 5,630 homes repossessed, a 22 per cent rise from the 4,620 repossessions from the first half of the year.
CML director general Michael Coogan said: "As expected, arrears and possessions are increasing from what was a phenomenally low trough. Although the scale of increase is notable, the absolute numbers are still extremely small, and set to remain so.
"Now would be a good time for borrowers to review their financial commitments. Cutting unnecessary spending, ensuring you have a suitable mortgage deal, and taking out suitable insurance such as mortgage payment protection insurance could make the difference between coping and falling into trouble."
Overall, there were 10,260 home repossessed over the course of 2005.
© Adfero Ltd