House Repossession Figures 2008

40,000 homes were repossessions during 2008 according to the latest figures from the Council of Mortgage Lenders - the equivalent of one in every 290 mortgage holders seeing their home repossessed.

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And with the country in recession and unemployment rising, The Council Of Mortgage Lenders are predicting 75,000 more properties will be repossessed during 2009.

The highest number of repossessions in the UK during any year was 75,540 in 1991 during the last housing crash and there is every likelihood that a new record will be set this year despite efforts by both government and lenders to keep people in heir homes.

There are currently 11.7 million mortgages in the UK, with loans worth over £1.2 trillion. Of those around 182,600 mortgages - or 1.57% of the total - had accumulated arrears equivalent to 2.5% or more of the outstanding balance by the end of 2008 and 219,100 mortgages were in arrears of more than three months.

The CML was keen to stress that repossession is always a last resort. In the vast majority of cases where home-owners are committed to working with their lender to keep their home, this outcome is successfully achieved.

However an increasing number of people are simply walking way - either by handing their keys in or simply abandoning properties.

But there seems to be a sharp rise in cases where borrowers are 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 CML 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.

"We know the plethora of schemes and initiatives is daunting, and we are working closely with government and advice agencies to try to simplify the information available, and ensure that those borrowers who may qualify for help get access to the information and advice that they need at the right time."

February 20th, 2008

Common misspellings: reposession, repossesion, reposessions, repossesions, reposessed, repossesed

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