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The Council of Mortgage Lenders recently predicted that, thanks to interest rate rises and other factors, home repossessions would reach the highest levels since the 1990s next year.

A recent BBC investigation found that sub prime mortgages, those lent to homeowners with patchy credit histories, are responsible for 70% of all repossessions.

Sub-prime mortgage lenders normally charge higher rates than traditional mortgage lenders, and this is one reason why homeowners with these mortgages are struggling to keep up with monthly repayments.

The sub prime mortgage market has been growing fast in the last coupe of years, and such mortgages now make up around 8% of the total UK mortgage market.

The BBCs Panorama surveyed 7,000 court hearings, finding that lenders that specialise in providing mortgages for people with poor credit histories made up over 70% of repossession cases.

Some sub prime lenders have been lending irresponsibly, with people been given mortgage deals which they are unlikely to be able to keep up with.

In one case, a couple in their late 50s, living on benefits were given a 25 year mortgage worth £55,000 by London and Scottish Bank. With an interest rate of more than 11% the couple struggled to make the repayments, and faced a repossession hearing in July this year.

If your circumstances are similar, and you are facing the risk of repossession and cannot keep up with payment agreements, then the best solution may be to sell your house quickly to a cash buyer like Molae Properties.

This can be done quickly enough to stop the repossession process and a sell and rent back solution could enable you to stay in your current home.

SOURCE: http://news.bbc.co.uk/1/hi/business/7030723.stm

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