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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Overstretched families `may face repossession`

08/08/2007

Financially-overstretched families are at risk for their properties being repossessed by lenders, according to an expert.

Mark Lance, a spokesperson for the Repossession Specialist, said that rises to the base interest rate have caused problems for those who have mortgage debt - particularly with a discount or variable mortgage.

"When you add these factors to an already inflated housing market, naturally more and more people are becoming overstretched financially," he remarked.

He explained that the mortgage arrears situation is "concerning", adding that it raises questions about whether homeowners had been properly advised before taking on debt.

"The more worrying situation will occur in the next 12 months, as many people have just got into arrears recently with the rate increases and not yet been repossessed, so the true figure is only likely to get worse before it gets better," said Mr Lance.

His comments come after a report from the Council of Mortgage Lenders indicated that the number of properties taken into possession during the first half of 2007 rose by nearly 18 per cent.

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