Thousands more homeowners are having their houses repossessed than official figures suggest, a leading housing charity has said as the City watchdog prepares to publish repossessions data.
Shelter, the housing charity, said that the number of repossessions could be a fifth higher than current figures suggest because of actions taken by 'second charge' lenders.
Tens of thousands of people have taken out a “second charge” home loan on their property and are liable to repossession if they fall behind on payments. The second charge market is worth more than £11bn. Council of Mortgage Lenders repossession data do not include any actions taken by second charge lenders.