Home Repossession : information and advice on having your house repossessed and how to prevent it

Home Repossession >> Repossession News >> Repossession News March 2007

Repossession News March 2007

Repossession statistics show more homes are due to be repossessed this year.

• 2006 saw a 65 percent rise in the number of homes being repossessed after owners couldn't keep up with repayments.
• The cost of the average monthly mortgage has rocketed by around £500 a year following the recent interest rate rises.
• It is predicted that around 19,000 homes will be repossessed this year.
• You have a 1 in 260 chance of your home being repossessed.
• Last year around 105,000 homes were at least three months in arrears on their mortgages.

If you are struggling to keep up with mortgage repayments you should contact your lender as soon as possible. Mortgage companies see repossession as a last resort and may be willing to re-negotiate your payments for a period of time. You should try to reduce your spending as much as possible and it may make sense for you to consolidate your debts to reduce your monthly outgoings.

 

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