Credit Crunch Could Wreck Season's Cheer ; As a Report Warns of Huge Increases in Repossessions, Tackle Any
Mail on Sunday › April 03, 2008
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Summary
A repossessions crisis is set to hit the housing market next year - and borrowers are being urged to cut their outgoings now to try to head it off. The Royal Institution of Chartered Surveyors is predicting that more than 170 homes will be repossessed by lenders every working day next year.
That's up more than 50 per cent on the past few years and could still be an underestimate if the credit crunch gets worse. The Council of Mortgage Lenders says more than 140,000 borrowers are already in the repossession danger zone, having fallen at least three months behind on their repayments.See the full content of this document
Extract
Credit Crunch Could Wreck Season's Cheer ; As a Report Warns of Huge Increases in Repossessions, Tackle Any
Many more are set to struggle as up to a million low-cost fixed- rate mortgages taken out at the end of 2005 and the start of 2006 expire and are replaced by today's more expensive deals.
'Mortgage borrowers face the most challenging times since Labour came to power a decade ago...See the full content of this document
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