Further Home Repossession Warning
Published / Last Updated on 16/08/2009
Further Home Repossession Warning
Charity for the homeless, Shelter, has issued a stark warning that the current wave of repossessions is far from over.
In a week where unemployment hit a 15 year high at 2.43 million people, with predictions that it will continue to rise well above 3 million, Shelter issued a warning that with expected interest rate rises next year, house prices may further fall and with redundancy up, repossessions will scale new heights.
Our advice is to save. Review your budget and set aside additional money. If you think you are in danger of redundancy, even remotely, switch to interest only on your mortgage and save, save, save.
When and if redundancy does come, you may have enough, combined with state mortgage payment help, to survive before getting another job.
Repossession only really happens when you ignore the inevitable and do not plan and do not talk to your mortgage lender.
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