- Monday, 15 February 2010An increasing number of homeowners could need
IVA help, with new figures revealing record numbers of people struggling to meet mortgage repayments.
Research from the Council of Mortgage Lenders (CML) reveals that the number of repossessions hit a 14-year high in 2009.
This brought the total number of repossessions last year to 46,000, which is 15 per cent higher than the 40,000 recorded in 2008.
On a more positive note, mortgage arrears and repossessions decreased in the final quarter of last year, ending on 188,300 - three per cent lower than at the end of the third quarter, according to the figures.
Yet spokesperson for the UK Insolvency Helpline Ian Boden-Smyth said repossessions only dropped because secure lenders are now working with debt advice agencies.
"Repossession levels are also down because a lot of lenders are happy to switch their borrowers over to the interest-only mortgages," he said.
"I think you are going to see more repossessions, but if lenders are happy to offer interest-only deals then repossessions will be kept at bay."
The Association of Residential Letting Agents recently reported that 55 per cent of members have seen an increase in tenants struggling to meet their rental payments.
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