Mortgage Repayment Fears Rise
According to the Financial Services Authority (FSA), 1 in 5 people (20%) is worried about meeting their monthly mortage repayments.The FSA is particularly concerned with those mortgage holders coming off fixed rate deals this year, who are likely to face increases in their mortgage rates.
"Economic conditions are getting tougher, putting pressure on family finances," said Chris Pond, FSA director of financial capability.
Last month, the Council of Mortgage Lenders (CML) said repossessions rose by 21% in 2007 to 27,100 homes, the highest figure since 1999.
It also said the numbers of mortgages behind on payments rose by 8.6% compared with 2006.
The CML expects the number of homes taken over by lenders to rise further in 2008, as the credit squeeze continues to tighten.
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