Fewer repossessions as 'lenders allow interest-only payments'
www.moneynews.co.uk > Mortgages > Fewer repossessions as 'lenders allow interest-only payments'
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Fewer repossessions as 'lenders allow interest-only payments'
Fri 13th Nov 2009
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The company, which provides a network of accountants and lawyers offering financial advice, fears Britain could become a "nation of homeowners who do not own their properties at the end of their term".
Earlier this month the Council for Mortgage Lenders reported that this year 48,000 repossession orders are predicted to be made was lower than last year's projected forecast of 75,000 repossessions for 2009.
Ian Boden-Smyth, spokesperson for the website, said it is hearing from people who have a mortgage and a secured loan which is more than their property and, as a result, they are essentially a prisoners in their own homes as they could not sell it.
He added that they are pessimistic about the level of mortgage debt falling in the immediate future as more interest-only loans continue to be given out by providers.
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