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Repossessions rising as expected
12/05/2008 10:07:00
Recent figures showing the increasing number of repossessions are as expected according to one property expert.
The Council of Mortgage Lenders (CML) said that the nine per cent increase in repossession orders during the first quarter of 2008 are in line with expectations.
However, the CML predicts 45,000 repossessions this year, a figure that equates to only around one in 300 mortgages.
This is less than half the rate experienced in the early 1990s, said the body.
Michael Coogan, CML director-general, said: "No-one wants to see repossessions rise. But risk is a part of life, and for some households circumstances change and they cannot get back on their feet."
Communicating with a lender early, taking good advice and taking steps to prioritise debts are just some of the actions borrowers can take to tackle repossession, advised the CML.
Last week the Treasury announced details of a new support system for homeowners.
An additional £9 million will be available to help fund face-to-face advice provided by third sector partners such as Citizen's Advice.
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