Citizens Advice 'concerned over home repossessions'

02-Feb-2007

Citizens Advice has expressed its concern over figures suggesting the number of house repossessions is increasing, potentially indicating that home owners such as first time buyers are experiencing unmanageable levels of debt.

Commenting on data recently released by the Council of Mortgage Lenders, Citizens Advice has cautioned that first time buyers and repeat purchasers, "who are on the margins of affordability", may not be protected by future interest rate rises.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

"We would urge anybody in arrears to talk to their lender and get independent advice as soon as possible," said Peter Tutton, national debt policy officer for Citizens Advice.

"Anyone taking on a new mortgage should check very carefully whether they can afford it if interest rates rise," he added.

Last year, the organisation offered advice on 1.4 million debt-related problems, an increase of 11 per cent from the previous year.

Citizens Advice provides free guidance on a number of problems, including financial and legal concerns.

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