The ‘ticking timebomb’ of repossession

Millions of homeowners with mortgages set to expire in the coming year will be forced on to standard variable rates, increasing the risk of a jump in repossessions, analysts warn. The shortage of mortgage funding has meant that many borrowers are being rejected for new deals, and economists are predicting the cost of borrowing will increase as the economy recovers. Melanie Bien of Savills Private Finance called the situation a ‘ticking timebomb’.