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Repossessions on houses increased

01/02/2008

Since the start of 2008, an increasing demand of mortgage holders are struggling with repayments. Repossessions on houses are set to increase throughout the forth quarter of 2008.

For many, income support is available to cover interest repayments, however this is only paid 39 weeks after a single claim and does not always cover the total amount.

People have mortgage payment protection insurance which offers only limited cover. Mr Sampson, chief executive of the charity firm spoke further: "A free and impartial advice service is a much needed first step to stop mortgage arrears and repossessions escalating, and help thousands of ordinary people keep a roof over their heads."

Mortgage broker mform suggested that through December 2006 and November 2007, the average annual interest payments via one single mortgage deal rose from £6,587.50 to £7,747.

Francis Ghiloni from mform commented: "With the current credit crisis, the cost of borrowing has increased dramatically. An increase of 17.6% in mortgage interest repayments is a huge hit to any family budget, which many homeowners are finding difficult to cope with."

 


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