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More repossessions than stated, says Shelter |
Thousands more homeowners are having their houses repossessed than official figures suggest, a leading housing charity has said as the City watchdog prepares to publish repossessions data for the first time today. Shelter, the housing charity, said that the number of repossessions could be a fifth higher than current figures suggest because of actions taken by “second charge” lenders.
Tens of thousands of people have taken out a “second charge” home loan on their property and are liable to repossession if they fall behind on payments. The second charge market is worth more than £11 billion. Council of Mortgage Lenders (CML) repossession data do not include any actions taken by second charge lenders. |
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Many using credit cards to pay mortgage |
Up to one million households have borrowed money on a credit card to pay their mortgage or rent over the past year, a charity's study suggests. Housing charity Shelter said this figure represented 6% of UK homes.
Shelter said people in lower social groups had been most likely to need to use their credit cards, but that the middle classes had also been affected.
The charity said the figure was a "shocking discovery". Its survey questioned 2,022 people. Seek advice
Shelter said it urged people who were struggling to keep up with their housing costs to urgently seek expert advice. |
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Paying your mortgage with plastic |
Housing charity Shelter expresses concern at 1 million households using a credit card to pay mortgage or rent last year. Advice: For help with Mis Sold Mortgages and Buy to Let or Sub Prime Mortgage Compensation please call 0800 043 1683. About 1 million families have resorted to using credit cards to pay their mortgage or rent during the past year, the housing charity Shelter claimed today. A survey by the organisation found around 6% of households had used their plastic during the past 12 months, in order to keep up with their housing costs. People in working class professions were most likely to use debt to cover their mortgage or rent at 8%, but 4% of ABC1s also admitted they had used their credit card in this way. "If people are already struggling to the extent that they fear losing their home, increasing credit card debt cannot be the answer," said Kay Boycott, director of policy and campaigns at Shelter. |
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