Northern Rock To Repossess

Repossession by the Northern Rock have soared this year, with the trend likely to continue, the bank admitted yesterday.

Over the last year the number of repossessions on Northern Rock borrowers has increased by 234%. The bank repossessed on average 6 homes per day last year, compared to 4 per day in 2006.

Numbers of repossessions are expected to continue to rise this year as increasing mortgage costs hit customers who can't afford the repayments.

It is also estimated that a third of the bank's workforce, around 2,000 people, will lose their jobs by 2011, according to the management team.