Mortgages: One house repossessed every 10 minutes

26 January 2009

New figures have shown that one house was repossessed every 10 minutes in the third quarter of 2008, as increasing numbers of homeowners struggled with mortgage arrears.

The Financial Services Authority (FSA) yesterday said that 13,616 homes were repossessed in the three months to September last year – 92% more than in the same period in 2007, when house prices were reaching their peak.

The FSA’s figures portray a worse situation than a similar report by the Council of Mortgage Lenders (CML), which claimed that 11,300 homes were repossessed between July and September.

A mortgage expert for Think Money commented: “In an economic downturn, it’s to be expected that repossessions will rise, but homeowners should be aware that there are often things they can do to reduce the chances. First and foremost, we advise them to contact their mortgage lender and explain their situation.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.

Tags: mortgage, mortgages, mortgage arrears, repossession, repossessions, mortgage repossession, cant afford mortgage

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