Comment on today's repossession figures

Published:

21/11/2008

Topic:

Press Release,Money,Mortgages

Commenting on today's repossession figures, Louise Cuming, head of mortgages at moneysupermarket.com, said: "There is no doubt that an increase in the number of borrowers in arrears with their mortgage is sad news. Certainly those whose homes have been repossessed represent some of the real tragedies of the credit crunch.

"However, there is a need to keep these latest figures in perspective. The data shows that less than 1.5 per cent of borrowers are in arrears of more than three months, and only a tiny percentage actually lose their homes. On top of this, any positive impact of base rate reductions will not yet have filtered through. With standard variable rates tumbling, many of those previously at risk of repossession will now be seeing a much needed reduction in their monthly outgoings.

"With positive murmurings ahead of next week's pre-budget report, there is real hope that further measures to ease the strain will be introduced. There will be no instant solution for many worried borrowers, but there is no doubt that lenders and the Government want to support those who are finding times tough. Anyone with a mortgage who is struggling to make ends meet needs to take advice urgently. Now is not the time to bury your head in the sand."

Download This Press Release

Download as RTF

Related Links

Related Resouces