Mortgage Help Soaring
The number of homeowners seeking help with repaying their mortgage has soared by 35% in the last year. Research by the Citizens Advice Bureau suggests that more and more households are struggling to meet the basic costs of living, leading to fear over an increase in the number of repossessions.
This figure reflects recent research by The Royal Institution of Chartered Surveyors (RICS) who estimate that there will be an average of 123 homes reposed everyday as people struggle with their payments.
Increases in the cost of fuel, household bills and mortgage payments are stretching people to the limit, with 215,000 new debt problems being reported in the first two months of 2008 alone.