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More Repossessions Than Stated, Says Shelter

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I think my predictions made last year is 100%, if your interested have at the link below, my sing quotes, anyway the rest of the articule.

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

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<H1 class=heading>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.

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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.

I hate Shelter, they are a government-funded fake charity.

If people bought houses they couldn't afford and then compounded their problems by borrowing even more money for consumer goods, then they should be repossessed. This is a GOOD thing.

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Guest DissipatedYouthIsValuable

How does second charge work?

Do you borrow on an interest only basis to pay the interest on the original mortgage?

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  • 396 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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