Home reposssions set to soar in Scotland

04/11/2009

A leading charity has warned that more properties are likely to be repossessed as interest rates begin to rise.

Shelter Scotland claims that many people are barely managing to cope with mortgage payments and other outgoings as it is and they will be unable to continue when costs increase.

The latest figures from north of the border show there has been a 20 per cent rise in mortgage actions taken in court in the last year, while the number of decrees granted has gone up by half.

The warning comes ahead of a conference aimed at tackling mortgage repossessions, where the charity is expected to urge lenders to explore all avenues before deciding on repossession.

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