'Almost 6m' Brits fears homes will be repossessed

Posted: 23 Mar 2009 12:28:30 GMT

A huge number of homeowners in Britain are worried that their homes are going to be repossessed, a new study has indicated.

Research conducted by Which? has suggested that as many as six million people in Britain are concerned that they will lose their property as a result of the ensuing economic crisis.

The findings showed that over 60 per cent of respondents are worried that their partner will be made redundant; while 43 per cent fear they would not be able to pay the mortgage by themselves.

Moreover, 77 per cent of those questioned said that they think there should be a ban on 100 per cent mortgages.

Commenting on the findings, Doug Taylor, Which? personal finance campaigner, said it is "dreadful" that so many people are worried about repossession.

He observed: "With people spending sleepless nights worrying about job losses and repossessions, the industry needs to demonstrate that it wants to win back the trust of the British public by fully embracing government initiatives."

According to the Council of Mortgage Lenders, there could be as many as 75,000 repossessions in the UK this year.

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