Wednesday, July 12, 2006
Category:
Finance News
An increasing number of homes in London are being repossessed, according to new figures reported by the Evening Standard.
In reply to a parliamentary question from the Liberal Democrats' London spokeswoman, Lynne Featherstone, it was revealed that some 6,661 homeowners were taken to court last year for failure to maintain their mortgage repayments.
This figure has trebled from 2001, when the number of people taken to court by banks or building societies stood at 1,854,
"These figures are very worrying and the rate at which they are growing signals big problems for the future," commented Ms Featherstone.
This worrying trend could potentially highlight the need of many for a debt consolidation loan that would help get finances back on track and avoid the painful experience of losing a home.
This is just one option which could help reduce monthly repayment commitments, allowing money for mortgage repayments. However, it is important to remember that repaying borrowing over a longer term will increase overall interest charges.
With average house prices in the capital now standing at almost £300,000, it is little wonder that so many people are finding it difficult to keep up with payments.
