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Charity issues mortgage warning
23 June 2009
A housing charity has issued a warning concerning a potential wave of mortgage arrears and home repossessions.
According to Shelter, the government and lenders must begin to plan now as thousands of homeowners face financial difficulties that will challenge their ability to meet their mortgage repayments.
It cited rising unemployment as a factor that will contribute towards this, along with possible increases in interest rates and the ending of mortgage support schemes.
Shelter chief executive Sam Younger said: "With arrears escalating at an alarming rate, unemployment at its worst for 12 years and interest rates very likely to rise next year, we believe a second, more devastating wave of repossessions could occur within the next two years."
The charity, which was founded in 1966, claims to have seen a rise in the number of calls it receives concerning mortgage arrears of 250 per cent over the last year, with an 85 per cent increase in calls concerning repossession problems.
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