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Repossession figures in check

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The Council of Mortgage Lenders (CML) has confirmed that the number of homes repossessed in 2008 will not exceed the 45,000 it forecast last October.

The trade body has already published data reporting a total of 30,200 properties taken into possession in the first nine months of 2008, and although the figures from the last quarter will not be finalised until later this month, the CML is confident that the 45,000 figure is accurate.

It claimed that both lenders and mortgage borrowers are taking action to minimise the threat of repossessions, and that fewer people than expected are losing their homes as a result.

The CML said that lenders are examining the way in which they deal with arrears cases in order to avoid repossession wherever possible, while borrowers facing difficulty making their repayments are taking the initiative and speaking to their lender in the first instance to make alternative arrangements.


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