Report Says Home Repossession In Uk Falls Further

In the second quarter of the financial year, the number of home repossessed by the mortgage lenders has fallen further

. In the last quarter, the lenders have seized 9400 properties according to a report by the Council of Mortgage Lenders (CML).

Home repossession has now fallen for three consecutive quarters since they had reached a peak at 12100 in September, last year. The total number of mortgages in arrears also dropped 5% during the quarter to stand at 178,200 by the end of June. However, the situation is not really as healthy as it sounds. The safety net for the borrowers is weakened by higher interest rates, a rise in the unemployment and also reduced support from the government regarding mortgage payments.

The CML estimates that only around 39000 homes might be repossessed this year, which is down from CMLs previous estimation of 53000. This estimation comes with support from the courts in England and Wales where the property repossession by the lenders has fallen yet again. The statistics by the Ministry of Justice show that the claims of house repossession by the lenders have fallen by 5% to 17774 in the second quarter of this year.

Although the picture is not rosy, however, there are options available. If you choose the right thing at the right time, you can actually live a stress free life.

Are you facing repossession?

It is true that the situation has started looking up; still it will take long time to become stable. A lot of people are still under pressure and finding it difficult to pay off their mortgage loans. Until the job market becomes stable, the situation wont improve much.

If you are facing repossession or into mortgage arrears and afraid that your lender may repossess your home in future then you are not alone. There are many homeowners who are going through the same situation.

You can stop home repossession any time; repossession is like a scar on your credit report. By selling your home for quick cash you can avoid repossession and save your credit from damage.

Talk to the cash buyers in your area who are ready to purchase your house for instant cash. Choose the right thing at the right time and live a stress free life.

by: rogersmelissa

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