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Loan claim: 8,000 homes repossessed in Q1

A total of 8,000 homes were repossessed by mortgage lenders in the first three months of 2013.

This is according to statistics from the Council of Mortgage Lenders (CML), which said this is 17 per cent down from the first quarter of 2012.

Director general for CML, Paul Smee, said the levels of mortgage arrears and repossessions had stabilised at a level that was lower than expected following the financial crisis.

He suggested this has been as a result of lower interest rates, people staying in employment, delayed mortgage closures by lenders and support from public policies.

Certainly, government initiatives such as the Funding for Lending Scheme have made it easier for home buyers to be able to afford a mortgage.

Mr Smee added: "Anyone who is worried about their mortgage can be assured that, as long as they take steps early to address them, most problems can be contained."

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801583262-ADNFCR



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