Repossession and negative equity for many homeowners
A new research has shown that six million homeowners could end up being repossessed and many others could have negative equity on their property in 2009.
According to Which? the consumer watchdog, many people are scared that either they or their partner may lose their jobs and 4 in10 people are nervous about covering their monthly mortgage repayment during the recession.
On the other hand, there are over 4 million people who are worried that they could end up in negative equity and believe that the government is not doing enough to rectify the problem.
Which? personal finance campaigner Doug Taylor commented: “It's dreadful that six million people fear losing the roof over their heads.”
He commented further: “With people spending sleepless nights worrying about job losses and repossessions, the industry needs to demonstrate that it wants to win back the trust of the British public by fully embracing government initiatives.”
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