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Home Repossessions Set To Jump By Up To 20%

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http://www.timesonline.co.uk/tol/money/pro...icle4460989.ece

Thousands more homeowners are having their houses repossessed than official figures suggest, a leading housing charity has said as the City watchdog prepares to publish repossessions data for the first time today.

Shelter, the housing charity, said that the number of repossessions could be a fifth higher than current figures suggest because of actions taken by “second charge” lenders.

Tens of thousands of people have taken out a “second charge” home loan on their property and are liable to repossession if they fall behind on payments. The second charge market is worth more than £11 billion. Council of Mortgage Lenders (CML) repossession data do not include any actions taken by second charge lenders.

The CML said that there were 27,100 repossessions last year, but Shelter said the figure could be closer to 32,000, once second-charge actions were taken into account. While the CML said that repossessions would increase by 50 per cent to 45,000 this year, Shelter said that the increase could be much greater, forecasting that an additional 9,000 borrowers will lose their homes at the hands of second-charge lenders.

The Financial Services Authority will today publish the number of repossessions by all regulated lenders. While these figures are expected to be higher than the CML figures, they are unlikely to show the extent of the problem because many second-charge lenders are not regulated by the watchdog and will not be included in the data.

Caroline Davey, deputy director of policy and research at Shelter, said: “We are seeing increasing numbers of vulnerable homeowners being repossessed on the basis of loans of as little as a few thousand pounds.”

Chris Tapp, of Credit Action, the debt charity, said: “About half the people we help who are in arrears have a second charge loan on their property.”

O dear are we now getting repossession inflation?????

Does anyone actually give honest figures?

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http://www.timesonline.co.uk/tol/money/pro...icle4460989.ece

O dear are we now getting repossession inflation?????

Does anyone actually give honest figures?

New Labour dare not reveal the extent of the crash while Gordon struggles to maintain his position as the leader of this nation.

Repossessions are going to rise by more than 100% YoY before this year is out.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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