Rate rise prompts repossession surge

Feb. 1, 2007
Increased personal debt and rising interest rates prompted a 65% surge in home repossessions last year. Council of Mortgage Lenders (CML) figures revealed that 17,000 homes were repossessed in 2006 up from 10,310 in 2005. That meant one in every 690 mortgage holders failed to keep up with repayments and lost their homes. CML director general Michael Coogan said he …

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