View more on these topics

Nearly 60,000 UK households at risk of repossession

Nearly 60,000 homes in the UK are at high risk of repossession, government figures reveal.

Figures from the Housing Statistics 2007 report, published today by the Department of Communities and Local Government, show that almost 60,000 families with disposable incomes below £1,000 each month are paying £750 a month on mortgage payments.

The report shows almost 20,000 families earning up to £1,000 per month are spending 100% of this on mortgage repayments.

Julia Goldsworthy, shadow communities and local government secretary for the Liberal Democrats, says: “There are 60,000 families teetering on the edge of losing their homes, weighed down by massive debts.

“As living costs rise, and the credit crunch starts to bite, families are forced to cut back on essentials in order to keep a roof over their heads.”

She adds: “ But ministers are not prepared to deal with the housing crash as the safety nets have been withdrawn. There are almost a million fewer social homes to rent than during the last recession while the number of families waiting for housing has skyrocketed.

“This government has buried its head in the sand, and it is overstretched families who are paying the price.”



Recommended

Mortgage Next Packaging offers 90% prime self-cert

Mortgage Next Packaging is launching a prime self-cert mortgage available to 90% LTV, available with two and three-year fixed rates and two-year tracker options.The product, which is funded by Kensington also offers rate options from 7.24%, on a two-year tracker (BBR + 1.99%), 7.25% on a two-year fixed rate, 7.15% on a three-year fixed rate, […]

Partnership plan could improve on MPPI, says JRF

A partnership between government, lenders and borrowers would provide a cheaper alternative to mortgage payment protection insurance, according to the Joseph Rowntree Foundation.

Treasury to hold talks over global action plan

The chancellor will meet international finance ministers this weekend in a bid to launch a global action plan to help the credit markets.Alistair Darling is due to hold talks in Washington with finance ministers from the G7 countries to thrash out a concrete international plan.Ministers will examine a report on the financial markets by the […]

UK policy: Kate Moss and short-termism

“Nothing tastes as good as skinny feels,” said supermodel Kate Moss, who is not often credited for her insights into policy making. Perhaps she should be. In politics, as in matters of diet, the course of action that is the best over the long term is often not the most desirable course of action in the short term. Add the instant gratification of the democratic electoral cycle and, instead of good policy making, you sometimes get the equivalent to a midnight binge in front of the fridge.

Read more


Important information

Investment risks

The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

Newsletter

News and expert analysis straight to your inbox

Sign up