Equifax: One in five homeowners worries about repossession

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Equifax: One in five homeowners worries about repossession

A fifth of homeowners are concerned about their homes being repossessed, a survey from credit report company Equifax shows.

The study of 828 Equifax customers also found that four out of ten would voluntarily give up their homes if they couldn't keep up the mortgage repayments.

Neil Munroe, external affairs director of Equifax, said such action was a "very drastic measure".

A third of those surveyed said that would take a mortgage five times the size of their own income to get a first home or move somewhere bigger, and 72 per cent would not consider sell and rentback if they faced repossession.

Mr Munroe said people were prepared to "stretch themselves to the limit" to get on the property ladder and warned that this could lead to serious financial problems later.

He said the lack of action in the property market would eventually affect the high street and professions such as builders and plumbers, straining the economy further.

Earlier this month, charity Transact warned that organisations offering free legal representation were overrun with homeowners facing repossession.

Debt advice partnership Capitalise saw a 90 per cent increase in repossession hearings in the first three months of the year.
ADNFCR-323-ID-18650074-ADNFCR

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