Repos up 54% as arrears rocket

The latest figures paint a dire picture of the UK mortgage market, with millions of people struggling to meet their home loan repayments. A total of 40,000 homes were repossessed during 2008, equivalent to 1 in every 290 mortgages and 54% higher than in 2007. Furthermore, the CML expects repossessions to almost double in 2009, predicting as many as 75,000 possession orders will be granted. The CML says its members are striving to keep people in their homes, but says many homeowners are willingly giving up their properties. "There seems to be a sharp rise in cases where borrowers are...