More and more people will find themselves struggling to avoid repossession in 2008.
[UKPRwire, Mon Feb 18 2008] That is according to homeless charity Shelter, which said that it is "inevitable" that repossessions will rise over the next 12 months.
Increasing strains on household finances are forcing more people closer to the edge and many will simply be unable to avoid repossession any longer.
Speaking on BBC News 24, Adam Sampson from Shelter said that many people face very difficult times ahead.
"We have 80,000 people coming off fixed-rate mortgages in the next six months, and already in Shelter we're getting contacted by a huge number of people who are behind with their mortgages, not yet at the point of repossession but behind," he revealed.
Mr Sampson went on to say that people who are struggling to avoid repossession could contact their lender or take other action.
"Otherwise they should exit out of the market, sell and find somewhere to rent. If they are repossessed it is quite possible that they end up homeless," he continued.
Cash for property expert Julian King adds, "Our analysts are confident that we will see a 50 per cent increase in repossessions in 2008.
"People facing financial difficulties should be heartened that solutions exist to prevent them having their home repossessed. Sell and Rent Back is our most popular mortgage rescue arrangement, where the homeowner sells their home for cash and rents it back for an agreed rental fee".
Mr King is a director of National Homebuyers and is also a founder member of APBA, the Approved Property Buyers Association, which is calling for government regulation of the Quick Property Sale and Sell and Rent Back industries.
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