The official figures for the number of repossessions for the period of April to June this year have just been released and show that the number of houses being taken back by the banks and building societies through the courts, has risen a massive 71% than a year earlier.
With 11,054 new cases in Q2, the Council of Mortgage Lenders are predicting even higher repossessions for the period just finished and a spokesman estimates that by Christmas 2008 170,000 homes will be under threat from repossession, being 3 months or more behind with their mortgage repayments.
With the economy only just on the start of the road to recession, the picture for the new year looks gloomier daily.
If you believe that your job may be under threat in the not too distant future, mortgage payment protection insurance is the sensible option to keep the bailiffs and wolves from your door. You should be aware that these policies will not pay out if you are made unemployed during the first month of the policy – so act now!