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Repossessions could hit thousands, says charity
19 December 2008 17:03
Up to 75,000 families could face repossession in the next year because of the financial crisis, according to one charity.
Responding to the latest lending figure from the Council of Mortgage Lenders (CML), the not-for-profit organisation Shelter has stated that banks must do more to help homeowners.
Statistics published by the CML earlier this week revealed that the amount of new home loan lending had slumped by 22 per cent in the space of a month.
Chief executive of the group, Adam Sampson, commented that the UK looked as if it was sliding towards something similar to the early 1990s recessions, in which significant numbers of homes were repossessed.
He added that banks must only use repossession if they genuinely have no other option and should give struggling borrowers alternative options such as mortgage holidays, interest only instalments or a flexible repayment plan.
A recent survey by the Building Societies Association discovered that over 45 per cent of Britons believe to some extent that now is currently a good time to purchase property.
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