Repossessions fall slightly

It has been revealed that repossessions fell in the second half of 2007, albeit marginally.

The Council of Mortgage Lenders (CML) said that 13,600 repossessions were recorded in the first six months of the year, while 13,500 were recorded in the second half.

In addition, the overall number was 27,100 - well below the CML's earlier forecast of 30,000.

It was not all good news however, with the figure for 2007 being an eight-year high.

Despite this, the CML said that the number of repossessions remains historically low and pointed out that lenders deserve some recognition for this.

"Lenders take their responsibilities to borrowers facing repayment difficulties very seriously, and many go to exceptional lengths to provide debt counselling, reschedule payments, extend loan terms, or in some circumstances even allow payment breaks," commented Michael Coogan from the organisation.

"They abandon repossession action right up to the last moment if they can reach a payment solution consistent with both the borrower's and the lender's interests," he continued.

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