UK Money News
16th June 2008
Repossession fears mounting
Homeowners are becoming increasingly concerned over the threat of repossession, a new survey has shown.
In a poll conducted by Equifax, one in five of those surveyed confessed that they harbour fears that their house could be seized by their lender this year.
Meanwhile, two fifths of the sample said that they would return the home to their mortgage provider without a fight if they start to find meeting repayments a struggle.
Neil Munroe, external affairs director at the credit rating agency, said: "The credit crunch is taking its toll on homeowners," said Neil Munroe, external affairs director at Equifax.
"And it is particularly worrying that 38 per cent said they would voluntarily give up their home if they couldn’t afford monthly repayments."
He said: "This is a very drastic measure and really should only need to be taken as the very last resort."
Homeowners were, however, found to be sceptical of sale and rent back schemes, with just 28 per cent of respondents saying they would consider one.
The research also revealed 72 per cent would not consider a sale and rentback scheme if they were facing repossession.
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