Repossession fears rising

More and more people in the UK are starting to worry about the prospect of repossession, it has been revealed.

A study carried out recently by Equifax found that around 20 per cent of homeowners fear that they could find themselves unable to meet their mortgage-related debt management demands.

In addition, close to 40 per cent of those polled said that they would give up possession of their home if they were no longer able to pay off their mortgage each month, which Equifax has described as a “particularly worrying” attitude.

“This is a very drastic measure and really should only need to be taken as the very last resort,” said Neil Munroe, external affairs director at Equifax.

“Lenders have a responsibility to work with home owners facing financial difficulty, so voluntary repossession really should be the final step.”

Key Retirement Solutions reported recently that an increasing number of Britons are struggling to become debt free because of their mortgage arrears even as they approach retirement.

Written by Dan Mather