Repossessions rise 92 per cent
The number of repossessions soared by 92 per cent in the third quarter of last year compared with the same period in 2007.The Financial Services Authority`s latest mortgage lending report, covering the period from the first quarter of 2007 to the third quarter of 2008, shows there were 13,161 new repossession cases in the third quarter of last year. This was 92 per cent more than the same period in 2007.
The figures also show a steep fall in sub-prime lending through 2008. Loans to borrowers with an impaired credit history represent 1.5 per cent of new lending in the third quarter, compared to 3.5 per cent a year earlier.
Citizens Advice said it handles 325 cases involving mortgage arrears every day.
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