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CML reports rise in repossessions

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by Kay Mitchell
CML reports rise in repossessions

The Council of Mortgage Lenders (CML) has today reported an increase in repossessions.

According to the Council, lenders seized 9,100 properties in the January to March period – a rise of 15% on the previous quarter.

However, it was 10% lower when compared with the same period last year.

Experts have previously argued that many homeowners have been saved from repossession, due to historically low interest rates, which drove monthly mortgage repayments down.

The Council is forecasting that 40,000 families will have their homes repossessed during the 2011 year.

In the meantime, there were 1.47% of mortgages with 2.5% or more of arrears at the end of the first quarter.

Commenting on today’s figures, Michael Coogan, director general at the CML, said: “Looking ahead, many households are likely to find their budgets stretched for some time, and some will inevitably find themselves in difficulty.”

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