Mortgage Arrears for 500,000 in 2009

The number of repossessions and the number of mortgage arrears are set to soar throughout 2009, according to a prediction by the Council of Mortgage Lenders (CML),

They believe that almost half a million households will end up with mortgage arrears of three months or more. This is a staggering figure as it almost doubles the last years predicted figures of 210,000 households who are struggling with mortgage arrears.

CML director general Michael Coogan said:”Repayment problems will worsen against the backdrop of rising unemployment but lenders and government are working to try to reduce the negative impact on borrowers.”