The latest figures from one of the UK’s fastest growing repossession solutions organisation where released today. Figures show that home owners in the UK seeking their help to avoid a repossession is up by 900% since February 08.
Mortgage rates are steadily increasing despite the Bank of England cutting interest rates. The average fixed rate mortgage rate is currently 6.66% and the average standard variable rate is 7.11%
Repossession-Stoppers.com reports that just two weeks in to March08, the number of enquiries from people worried about repossession has already exceeded the figures for the whole of February08.
Shortfall – The difference in what you owe on your mortgage and the final sale price of your home after it has been repossessed and all associated sale fees have been paid.