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According to UK Insolvency Helpline, the falling rate of repossessions is mainly because of lenders that allow more customers to pay off just the interest on their loans.
The company provides financial advisory services through a network of accountants and lawyers. It is being feared that Britain could become a nation of homeowners, who do not own their properties at the end of their term.
The Council for Mortgage Lenders, reported earlier this month, that 48,000 repossession orders are predicted to be made this year, which is lower than last year’s projected forecast of 75,000 repossessions for 2009.
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