'Hidden homeowners facing repossession'
'Hidden homeowners facing repossession'
Thursday 30th October 2008
Aaron Turner, founder of property website Look4aproperty.com, said that Britons who have borrowed via self-certification mortgages are a "ticking time-bomb".
One category up from sub-prime borrowers, self-certification mortgage holders are at a high risk of debt and some professionals could even face repossession during the run in to Christmas and in the New Year, Mr Turner suggested.
Some workers will have had high bonuses and inflated salaries when they took out their mortgages, but now the threats of redundancy and rising crisis loom for many homeowners, he noted.
Oliver Gilmartin, senior economist at the Royal Institution of Chartered Surveyors, today said that the Britain is on the brink of recession and fears over job losses are set to take "centre stage" in the UK economy.
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