Your location: Tenants at risk of repossession
26 August 2008
Buy-to-let repossessions have significantly increased compared to this time last year - making people who rent their home just as vulnerable to the effects of repossession as homeowners.
Shelter is highlighting new figures released today showing the number of buy-to-let repossessions has increased twice as fast as across the whole mortgage market.
Between the first half of 2007 and the first half of 2008 the number of buy-to-let mortgages ending in repossession rose by 100 per cent, compared to a 48 percent rise across the mortgage market as a whole.
Adam Sampson, chief executive of Shelter, said: ‘These figures show the shadow of repossession is no longer just cast over homeowners, but also thousands of innocent renters who have no idea how close they are to eviction.
‘Sadly, the impact of repossession can be even greater for tenants, who, despite paying rent on time, can find themselves with very few rights and the first they even know about it is when the bailiffs start banging on the door.
‘Mortgage lenders must take responsibility and make sure they inform both owners and tenants when taking action to repossess, so tenants are aware they are about to lose their home.
‘The Government must step in now to protect people who may find themselves homeless because their landlord is being repossessed, by making sure courts treat tenants fairly and give them enough time to find a new home.’
