UK House repossessions may increase

UK HOUSE REPOSSESSIONS MAY INCREASE - Don't lose the roof over your head - Leading consumer magazine, Your Mortgage, warns borrowers to protect their mortgage payments, despite reductions in repossession rates and arrears in the latest Council of Mortgage Lenders figures, due out later today. Repossessions and arrears are continuing to decrease as a result of historically low interest rates and the cheapest mortgages seen in the UK in 50 years. But rates are forecast to go up this year, and the impact of 2001 redundancies is set to filter through to the market. Both mortgage and non-mortgage debt is at an all-time high, which could compound the problem if more jobs are lost. Paula John, Editor of Your Mortgage says: "Only 21% per cent of existing mortgage borrowers have mortgage payment protection insurance. Latest figures from the ABI show that one third of all new borrowers are taking out mortgage protection, which is encouraging. But this figure is not nearly high enough to reach the government's own projected targets of 55% of borrowers having mortgage protection by 2004. This sends out a clear message to homeowners. Don't let today's figures make you complacent - get covered." Further information: Paula John, Editor Alistair Neale / Jason Lloyd Your Mortgage Lansons Communications 020 7404 3123 020 7490 8828 paulaj@matching-hat.co.uk alistairn@lansons.com Please visit www.yourmortgage.co.uk for further information. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/01/29/20020129BIT00760/bit0002.doc http://www.waymaker.net/bitonline/2002/01/29/20020129BIT00760/bit0002.pdf