According to figures from the Council of Mortgage Lenders (CML), the number of repossessions in the first quarter of 2012 was 9,600, the same as in the first quarter of 2011, breaking the recent cycle of year-on-year increases in repossessions.
Despite repossessions in the first quarter being higher than the 8,700 that took place in the fourth quarter of 2011, experts claim this represents a normal seasonal pattern, and overall, the repossessions landscape appears stable.
Andrew Leakey, Managing Partner of the Social Welfare department at Stephensons, said: “While some commentators would say that a stabilising of the number of repossessions is promising, it is still a shocking statistic to find that almost 10,000 people lost their homes in the first three months of 2012.
“The current low interest rate set by the Bank of England is keeping mortgages repayments low. This is also helping to stabilise the repossession rates. The fear is that many people are only just keeping their heads above water. When the interest rates start to drift upwards – and some lenders have already done this – people could be under threat of losing their home.”
Stephensons has a dedicated social welfare team which helps people with debt and repossession problems every day.
The threat of home repossession can prove one of the most stressful and trying times for any individual or family to face. If you’re a homeowner in mortgage arrears or have any other debts secured on your home and you are living in fear of repossession please contact us for help and advice. We also have a dedicated website, www.debtandrepossession.co.uk to specifically advise those facing mounting debt problems.