It’s a hard question. The Council of Mortgage Lenders has just revised their forecast from 75,000 down to 48,000. Whilst this is better, its not exactly good news is it? They also add the caveat that this number depends on interest rates remaining low. Some predictions are for interest rates to rise which would add to the misery. But are we really prepared to let 48,000 homes be repossessed? The government tried to set up schemes to prevent repossession. Whilst thousands have accessed advice, it is said that only 92 families have accepted offers through the scheme. Not a great stat, for a cost of £285m.
All of this doesn't help those who suffer the misery of repossession, particularly those families with children. Would it be too much to ask tax payer funded banks to show more forbearance?