MSE News: Repossessions lowest for over two years

This is the discussion thread for the following MSE News Story:

"Some 9,978 homes were taken by lenders in the three months to the end of June, the smallest figure since early 2008 ..."

Comments

  • There are those who would prefer to have been repossessed quickly, rather than have the Banks being patient and understanding for a couple of years which simply builds up arrears, fees and interest.

    When the bank eventually runs out of patience, the shortfall will be bigger and the long-term debt consequences greater, for some.

    Not an easy balancing act, as others just need 3 months to get a new job. Some judgement needs to be made about the long-term affordability of the mortgage at an early stage, to differentiate between the scenarios.
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Reppossessions are only lower as interest rates have been cut to nothing at the expence of us savers. Its savers paying the cost for those who borrowed risky amounts.:mad:
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • I might be wrong but am guessing that these reduced numbers are due to more people having more money in their pocket due to the low base rate.

    What will happen when the BofE puts the rate up?
    Repos will soar, that's what!
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