More UK Houses Repossessed - What Are the Effects?

The total number of UK houses repossessed in 2008 is estimated to be in the region of 40,000. This is already a high figure and the numbers for 2009 are expected to be even higher according to the Council of Mortgage Lenders.

The number of homes which were in arrears on their mortgage payments has also increased year on year, with an estimated 220,000 homes in arrears of over 3 months at the end of 2008.

The Council of Mortgage Lenders which produces these figures state that the number of houses repossessed in 2009 will exceed the 2008 figures with the global economic crisis and credit crunch affecting more and more homeowners.

With unemployment figures rising and the number of people expected to lose their jobs over this year due to increase, it is expected that 1 home will be repossessed every 10 minutes in the UK.

Property Repossession can affect people in different ways. For the majority it is a very stressful time and usually occurs when coupled with other bad circumstances. For example, loss of job or break up of marriage could be a factor which can lead to someone losing their home. It can also be due to illness or death.

Often people are forced to move in a hurry once evicted and this upheaval can also add to the emotional stress of the situation. This will not only affect the homeowner but also their family as well. Children are often the biggest victims as they are forced to move to a new environment, often a new school with no clear idea of why this is all happening. Parents are embarrassed to face their children as well as their families and friends and explain the situation they are facing. Repossessions can also lead to the break up of marriages and the breakdown of relationships, so its important to know where to go for help.

Many companies advertise that they can stop repossession etc and help your situation, but often these organizations are just trying to benefit further from your awful circumstances.

Although mortgage companies are often sympathetic to certain situations, failure to meet these payments will result in houses repossessed.

If you are facing repossession, Repossessed Homes UK can help you on advising what to do by providing free information and advice.
If you are facing repossession, Repossessed Homes UK can help you on advising what to do by providing free information and advice.

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