First time buyers face a higher risk of repossession this year due to the recent interest rate rises.
The Royal Institution of Chartered Surveyors predicts 19,000 home repossessions this year, which will be more than three times the number in 2004. Around 1% of all mortgages in the UK are currently in arrears.
While first time buyers are most at risk, those who already have a foot on the property ladder will also feel the pinch and may find mortgage companies knocking at their doors.
It is believed that buy-to-let investors will be least at risk as they tend to be older and have larger disposable incomes meaning they can ride out the period of high interest rates and look to the benefits of long term capital growth.
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