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50,000 repossessions predicted for the New Year

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As the year’s financial woes draw to a close, those homeowners that have managed to navigate the peaks and troughs of 2009 will still have to hold-on tight for the year ahead, new figures have warned.

The Council of Mortgage Lenders (CML) predicted that repossessions in 2009 would hit 50,000, but a slowing rate in the year’s summer months meant that such a damning estimate looks unlikely to become truth.

However, the CML is once again predicting the 50,000 mark will be breached in 2010 as over a quarter of householders in the UK are suffering mental anguish and depression due to housing cost worries.

With more than 2 million households finding housing costs an eternal struggle, including 400,000 falling behind with rent and mortgage payments, the Christmas holidays will further dent family finances.

Speaking last month, Citizen Advice’s Policy Officer, Peter Tutton, said of the CML’s figures: “The really vital thing is that people should actively engage with their lender early on because what might have been a hopeless situation a year ago could now be effectively addressed by lenders showing more forbearance.“

“Many are offering more repayment solutions and through added protection such as the pre-action protocol for mortgage arrears which is designed to make sure that possession action really is a last resort.”

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Written by Andrew Hodges

December 6, 2009 at 6:00 pm

Posted in Comment, LinkedIn

Tagged with , , ,

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