May 16, 2011
Figures expected this week will reveal that the number of people struggling to keep up with their mortgage payments.
The Council of Mortgage Lenders (CML) will announce this week that the number of properties taken over by lenders has fallen for the past five consecutive quarters. But despite 36,300 properties being repossessed during the whole of 2010, the lowest level since 2007, the group has predicted an increase in repossessions this year to 40,000.
Prior figures released by the Financial Services Authority (FSA) also showed a rise in the number of people who had fallen behind with their mortgage for two years during the final quarter of 2010.
According to experts, while measures introduced by the pervious government may have reduced the number repossessions in the UK, there are concerns that some of these measures are simply delaying a spike in numbers.
It is also thought that an increase in interest rates, announced earlier this week, from their current record low of 0.5% could tip more people over the edge. Meanwhile, high inflation, low wage increases, tax rises and benefit cuts are also continuing to put pressure on households' income.
If you're struggling to keep the roof over your head in the current climate, contact our experts today and we'll do all we can to help.
