Government proposals to change the way in which Support for Mortgage Interest (SMI) operates have alarmed the Council of Mortgage Lenders (CML)and make uncomfortable reading for those receiving the support. SMI helps people who would either have to sell their home or have it repossessed as a result of losing some or all of their [...]
Support for Mortgage Interest
Repossessions set to rise after 2010 falls
The number of repossessions by the UK’s first-charge mortgage lenders fell to 36,300 in 2010, with the figure down 24% on 2009, according to the Council of Mortgage Lenders (CML).
The decline meant that 0.3% of all mortgages were subject to possession proceedings last year, while arrears fell by 13% to 169,600 (1.49% of all home [...]
