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Mortgages over £250,000 may cause "real problems"

Families who have upgraded to a bigger house in the past few years and taken out a mortgage over £250,000 may face "real problems" paying it back, Firstrung has said.

With no signs of the credit crisis abating, homeowners with large mortgages may face repossession if they are unable to keep up with repayments.

Paul Holmes, operations director of Firstrung, says it is most likely to be families who have moved to four or five-bed properties from smaller houses and doubled their mortgages as a result that will be affected.

"The real damage here in repossession territory, unfortunately, is in the family arena…It's people with £250,000 plus mortgages who have got the real problems," Mr Holmes commented.

Statistics from the Ministry of Justice show that the number of mortgage possession claims, the first stage of the repossession process, has risen by 16 per cent in the first three months of 2008.

2008-05-08