Mortgage Possession

Since the 1980’s, the trend in England and Wales towards home ownership has steadily been on the increase, with over 68% of homes in England and Wales now being owner-occupied.

Following the “credit crunch”, the Council of Mortgage Lenders predicted huge rises in borrower arrears and repossessions. In 2009, the number of properties repossessed by lenders peaked at approximately 46,000 homes. Whilst the numbers of properties repossessed by lenders has not increased since this date, due to historically low interest rates, increased lender tolerance and the introduction of Government rescue schemes, many are calling for increased legal protection for borrowers who fall into arrears. This is of particular relevance now, following the Council of Mortgage lenders prediction that a further increase in mortgagee repossessions will be seen, when interest rates start to increase.