The Council of Mortgage Lenders reports that 0.1% of all mortgaged properties repossessed in the third quarter of 2008, up slightly from 0.09% in the second quarter. What this means in ‘real money’ is that this equates to 11,300, 12% higher than the 10,100 in the second quarter (source www.cml.org.uk/cml/media/press/1999).
The bad news is that this looks like increasing the yearly total for 2009 to be around 45,000. Looking more locally to Northamptonshire, black spots appear to be in Corby and Kettering but all towns are experiencing rises in repossessions.
Is there a way out of this? Depending on individual circumstance, it may be that the original mortgage contract was flawed or unenforceable - the consequences are that any repossession proceedings would not be possible.
If this is of concern or interest to you (or friends, family or colleagues), why not give me a call on 0845 029 1962 or email at michael@michaelknightmortgages.com? This service is entirely FREE for repossession reversal applications