Homeowners need to get finances in order to cut risks
December 16, 2010
A stark warning has recently been issued to homeowners in the UK - to get their finances and their homes in order to avoid becoming part of the rising number of repossessions predicted for next year. The warning was issued by the firm EuroDebt, which said that repossession levels are set to rise next year, and homeowners that did not take action could find themselves on the receiving end of repossession action.
Officials from the firm said that homeowners need to get their finances and their homes in order to boost their chances of avoiding repossession and other problems as the climate continues to remain in a difficult and challenging state. The warning comes after the Council of Mortgage Lenders predicted that repossession levels would increase next year.
An official from EuroDebt said that losing the home could be the most devastating thing ever for most people, and that often this happened through no fault of their own. He added that many people were already in arrears due to their financial struggles, and that rising unemployment figures could result in the risks being even higher for many homeowners, as this would further impact on their financial situations.
A EuroDebt spokesperson said: “The CML’s annual forecast paints a gloomy picture for homeowners. Losing your home is one of the most devastating things that can happen to an individual - and for many people, this will be through no fault of their own. In 2010, 15% of our clients were already in mortgage arrears when they came to us for help and with unemployment figures rising it seems for many, the worst is yet to come. While levels of arrears and repossessions have been falling helped by low interest rates, 2011 is going to be a very tough year for many households as the spending cuts really take hold, impacting jobs and household income levels. As a consequence, a rise in mortgage arrears and repossessions is predicted.”
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