Rising Repossessions

We think there is a strong likelyhood that uk repossessions will increase this year above forecasted rate. The economic outlook is worse than expected and unemployment is rising at a faster rate than forecasted. Last weeks figures showed unemployment above two million for the first time since 1997.

Amid gloomy data regarding housing and employment, the UK government has been keen to show its support for struggling homeowners by announcing a Homeowner Mortgage Support Scheme. However the scheme to support homeowners struggling to make mortgage repayments remains uncertain as many building societies are reported not to take part.

People made redundant or who face a significant loss of income and can't defer a proportion of interest payments under the new government scheme will be at high risk of being repossessed.

Stop house repossession and avoid eviction notices has become the reality for an increasing number of homeowners in the UK.