Repossessions reach eight year high

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Repossessions in Britain during 2007 reached 27,100, the highest level since 1999, new research from the Council of Mortgage Lenders (CML) reveals.

However, the CML says the figures are 10% lower than the 30,000 it had forecast and says repossessions represent a tiny fraction of all mortgages. Despite the credit crunch in the summer, repossessions were evenly distributed throughout the year, with 13,600 in the first six months of 2007 and 13,500 in the second half of the year. The figures mean roughly 1 in 400 mortgages ended in repossession during 2007, roughly half the rate experienced in the first half of the 1990’s. Michael Coogan, director general of the CML, says lenders are doing what they can to help borrowers that face repa...

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