Research by Five Live and BBC’s Panorama shows that 70 per cent of all homes recently repossessed were bought with sub-prime
Shown in a Panorama documentary, some homeowners are paying interest rates of up to 11 per cent. Many of these are borrowers with low income, such as the Bradbury’s who bought their council house under a right-buy scheme.
In the documentary Mr Bradbury says: “I’m at the mercy of the interest rate. If it goes up again, I’ll struggle, I’ll try and meet it. But after that if it goes up again I can’t. We’ll just lose the house.”
According to the programme, 7,000 homes have been repossessed in the last three months. This is the highest figure in eight years.
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