The Centre for Economics and Business Research (CEBR) has warned that around 33,400 people could lose their homes this year, 23% more than 2007. Lastest mortgage offers will also remain expensive until the current economic situation settles down.
The CEBR predicted repossessions should stay well below the 75,000 a year levels seen in the early 1990s and the housing market will begin to recover in 2010 after interest rates fall as low as 3.5% towards the end of next year.
Showing posts with label repossessions. Show all posts
Showing posts with label repossessions. Show all posts
Monday, 28 April 2008
Wednesday, 16 April 2008
Calls for homebuyer protection
Michael Coogan, director general of the Council of Mortgage Lenders, is calling for a shake-up of the system for homeowners at risk of losing their homes.
He has suggested the Income Support for Mortgage Interest be revisited. Currently it does not cover the first 9 months of arrears and is capped at £100k, whereas the average mortgage is around £160k.
He has suggested the Income Support for Mortgage Interest be revisited. Currently it does not cover the first 9 months of arrears and is capped at £100k, whereas the average mortgage is around £160k.
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