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Repossessions up by 12 per cent, says CML
21 November 2008 15:31
Home repossessions due to borrowers falling into mortgage arrears have risen significantly in the last three months.
Newly published data from the Council of Mortgage Lenders (CML) has shown that the number of properties being taken over by home loan providers rose by 12 per cent between the start of July and the end of September.
Overall, the council reported that by the end of the third quarter, nearly 1.5 per cent of all mortgages in the UK were in at least three months arrears.
Director general of the CML, Michael Coogan, said that it and lenders were committed to ensuring home repossession was only ever used as a last resort and that most borrowers who face repayment issues usually keep their homes.
He added that anyone facing problems with paying their mortgage should consult their provider at the earliest opportunity and preferably before arrears are given the opportunity to build up.
In other news, the high street lender Nationwide announced this week that it reshuffled its pack of mortgages, offering reductions on some of its fixed-rate products.
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