CML `overestimated repossession risk`

The Council of Mortgage Lenders (CML) has revised its prediction of the number of repossessions likely to take place this year, having admitted that it overestimated the amount in an earlier forecast.

Rising levels of debt, lower incomes and other economic issues had led the CML to predict that around 75,000 homes would be repossessed in 2009.

But thanks to today`s lower interest rates, as well as improved support for struggling homeowners from lenders and Government, the CML has revised its prediction to 65,000 repossessions.

A spokesperson for debt management company Gregory Pennington said: "Although the CML`s revised prediction suggests that fewer homeowners are now at risk of repossession, people should still take extra care with their finances as the downturn continues.

"Anyone who thinks they may already be at risk of repossession should speak with a professional debt adviser as soon as possible."

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