Many mortgage holders 'at risk of repossessions this summer'

Date:Monday 8th June 2009
Author: Susanna Kavka

A considerable number of people with high-risk sub-prime mortgages are at risk of repossessions this summer, according to Shelter.

The housing charity suggested that thousands of such loans taken out at the height of the UK's property boom are coming to the end of their fixed, low-rate period, the Mirror reports.

Figures cited by the publication reveal that approximately 166,000 households with sub-prime mortgages are struggling with their repayments.

In addition, a further 260,000 homeowners are concerned that they will be unable to meet future repayments on their home loans.

Commenting on the issue, Shelter's Sam Younger said: "It's vital the government includes the sub-prime sector in any financial help so those coming off fixed rates can access an affordable mortgage."

Shelter was established in England in 1966 by the Reverend Bruce Kenrick.

It is a non-profit organisation which seeks to ensure that everyone in Britain can access decent and affordable housing.