12800 UK homes repossesed in the first quarter of 2009

Despite the UK government saying they eould help keep people in their homes there were over 12000 repossessions in the UK in first quarter of 2009.

There were 12,800 repossessions through the courts by first-charge on the property mortgage lenders and banks, in the first quarter of this year, according to the Council of Mortgage Lenders (CML).

This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008. Insuranceblogger is disgusted that the people who created the credit crunch crisis for those poor repossessed are so quick to resort to the courts!

Although repossessions are still rising, the CML now thinks its earlier 75,000 repossessions forecast looks pessimistic for the year as a whole, and expects to revise the figure downwards in its next housing market forecast update later this summer.

The number of mortgages in arrears continued to rise both months in arrears and as a percentage of the total outstanding mortgage value.

The number of existing mortgages has declined from around 11.7 million to around 11.1 million.

According to a suit from the CML -
“The key message continues to be: talk to your lender as soon as you identify difficulties emerging, and take advice from an independent money adviser if you have other debt issues as well as your mortgage. Lenders do not want to repossess if a realistic alternative solution can be found.”

Hmm – have a look at this, especially if you are being threatened by debt collectors

Courts, bailiffs, debt collectors and repossesions can be avoided with mortgage protection insurance which will keep a roof over your head even if you lose your job!. Act now before its too late!

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