Equifax reveals one in five Britons fearful of home repossession on 100 Mortgages

In this current climate more and more Britons are now living in fear, this is because their personal finances is now under a lot of strain. In the past year, food and petrol prices have increased by 20 percent and gas over the past couple of years has doubled. The problem that many households now face is, how they can afford to pay for their household bills as well as pay extra on their mortgage payments.

Equifax has revealed data that one in five Britons are now fearful that their homes will be repossessed. The data reveals that two-fifths would give up their home; they would do this without contesting the attempts from their mortgage company seize the property back.

Equifax external affairs director, Neil Munroe, has said “The credit crunch is taking its toll on homeowners. And it is particularly worrying that 38 per cent said they would voluntarily give up their home if they couldn’t afford monthly repayments.” He also added “This is a very drastic measure and really should only need to be taken as the very last resort.”

Also in the survey it revealed that two fifths would not agree to sign up to a sale and rent back scheme, even though this could help to relieve pressure and prevent them from losing their home altogether.

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