Results tagged “Repossessions”

By Steven Davies

Lower interest rates have prompted an industry body to rethink its prediction of the number of homes likely to be repossessed ths year.

Although the housing market remains in a precarious position, the Council of Mortgage Lenders believes the fall in rates combined with increased levels of tolerance from lenders and government intervention schemes has given a spark of hope to those facing reposession.

Homeowners are being advised on ways to protect their investments after a massive rise in repossessions.

Figures from the Financial Services Authority show a 71 per cent hike in the number of repossessions in over the last 12 months.