Help for first-time buyers could prevent repossession
13-May-2010
Published by Sam Franklin
Seeking
help for first-time buyers may be an effective way of preventing a mortgage running into arrears or a property being repossessed.
New figures from the Council for Mortgage Lenders (CML) show the number of homeowners facing such problems is falling.
However, the organisation warns people not to be complacent, with a significant number of Britons currently living on the edge.
Those most in danger could be
first-time buyers, who find paying a mortgage back is something they struggle to keep up with.
Commenting on the statistics, which show repossessions fell from 10,600 to 9,800 in the first quarter of the year, CML director Michael Coogan was philosophical.
He said: "We hope and expect to be able to revise down our 53,000 forecast for repossessions in 2010, but we are acutely conscious of the beneficial influence that low interest rates and the package of support have played so far."
At one point last year, the CML was predicting up to 75,000 repossessions in 2010.
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