The council of mortgage lenders expects a 50% increase in repossessions next year. This is clearly a low estimate. It takes into account the worsening economic status but I don't believe it takes into account the credit crunch.
As I posted earlier existing sub prime borrowers are facing a large increase in rates. The news is worse for new borrowers.
Many of the lenders have ceased trading. The rest have tightend their criteria and increased rates. This is bad news for people with arrears. In the past when faced with repossession they could remortgage and go elsewhere. This has kept the repossession numbers significantly lower than it historically was. I arranged a number of mortgages to stop repossessions
This will get harder and harder
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