Qualified advisers answering your
Financial Questions
call 0800 092 1245

FSA tracks repossessions increase

Repossessions rose sharply over the second quarter, new figures from the Financial Services Authority (FSA) have shown.The regulator said that over 11,000 homes were taken back by lenders across the three months.This is 71 per cent higher than the total for April-June 2007.The FSA also found that 16 per cent more people were over three months in arrears with their repayments, compared with last year.In total, £1.6 billion of loans are currently in arrears.Previous figures from the Council of Mortgage Lenders expect repossessions numbers to hit 45,000 across 2008.The credit crunch, which has seen falls in house prices, restrictions on new mortgage lending and the withdrawal of many cheap loans from the market, is a major factor behind the rise.Inflation is also at a 16-year high of 5.2 per cent, putting further pressure on consumers' budgets and leaving less money left over for mortgage repayments.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details