A new study from consumer watchdog Which? has found that millions of Britons are worried about the possibility of repossession.
The threat of repossession is weighing heavily on many in the UK, according to a new study from Which?.
A number of experts have predicted repossessions to rise sharply this year as the recession worsens and many homeowners struggle to keep up with mortgage payments. Yesterday, the National Housing Federation suggested 200,000 households will join social housing waiting lists by 2011, with repossessions and unemployment blamed.
Now the consumer advice organisation Which? has warned that many Brits are concerned about the possibility of losing their home.
Nearly two-thirds of the working population are worried that they or their partner will be made redundant. More than four out of ten joint-income households said they would have difficulties maintaining mortgage payments if the main earner was put out of work.
Additionally, a quarter of mortgage holders surveyed by the group are concerned that they could go into negative equity in 2010, as house prices continue to plummet. Which? called for action from both government and mortgage lenders.
"It's dreadful that six million people fear losing the roof over their heads," said the organisation's personal finance campaigner Doug Taylor. "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."
