The Council of Mortgage Lenders (CML) has estimated that there will be a sharp rise in the number of house repossessions next year as it is expected to reach 75,000. That would be as many as there was during the peak of the recession in 1991. It is believed that the steady rise this year will see the number of repossessions reach 45,000.
The nationalised bank, Northern Rock, has said that they will give their customers who are in arrears a six month period before they will repossess their home. This should give them time to ensure that they can get enough money to start paying their mortgage again every month. This would seem a far more logical approach to take as repossessing a home would mean having to find accommodation i.e. council houses for all those that have went into arrears. In the long run this approach would in fact cost more money to initiate.
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