Home Repossessions Rise
The Council of Mortgage Lneders has announced that home repossessions has risen, with nearly 14,000 properties being repossessed in the first six months of the year, up nearly 30% on the same time last year.However, according to CML director Michael Coogan, higher UK interest rates and the expanding sub-prime mortgage market are key factors in more people losing their homes.
"Interest rates are clearly higher than many were expecting, and are set to remain so," Mr Coogan said.
"The greater risks inherent in sub-prime lending are resulting in significantly higher levels of repossession in that part of the market compared to mainstream experience."
However, Mr Coogan added that repossessions were still relatively low by historical standards..
"Overall, the vast majority of mortgage borrowers will continue to cope, even in a market where affordability is stretched," he added.
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