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Repossessions increase by 54%

New figures show that 40,000 homes in the UK were repossessed in 2008, a 54% surge on last year, but still fewer than feared.

The Council of Mortgage Lenders said the figure was 5,000 lower than it originally forecast for the year despite Britain’s worsening economy.

By the end of 2008, around 182,600 mortgages, or 1.57% of the total, had arrears worth 2.5% or more of the outstanding balance owed to the lender. This compares with 1.29% at the end of the third quarter and 1.08% at the end of 2007.

The CML also reported a sharp rise in borrowers handing back their keys or abandoning their properties.

“We strongly urge borrowers to contact their lender and work with them before taking this step, as there may be other solutions,” said the CML’s director general Michael Coogan.

“Borrowers are still liable for their debt, even if they leave the property, so working through their problems is much more likely to be in their best interests,” he added.

Clifftons operate throughout the Bournemouth area, if your struggling with your mortgage, take action now, it will not go away. There are options, either refinancing, letting or selling.

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Posted: 20th February 2009

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