The number of people struggling to pay their mortgage is growing by almost 740 a day, raising fears of another surge in repossessions
Another 68,000 homebuyers fell into arrears in the final three months of 2008, according to grim data from the Financial Services Authority. It took the total to almost 377,000 - a 31% leap in 12 months. The average debt has also risen almost 20% to £5,473.
Repossessions actually dipped slightly in the quarter to 13,028 as lenders bowed to Government pressure to make it the last resort. But the 46,750 total for last year - 128 a day - was still up 68% on 2007.

Adam Sampson, of housing charity Shelter, urged the FSA to force lenders to give more help to struggling families.
“With tens of thousands of families living in the shadow of repossession, the FSA must ensure that lenders treat struggling borrowers fairly,” he said. “The rise in arrears and repossessions has been fuelled by irresponsible lending.
“The FSA and Government must re-write the rule book to ensure the days of feckless lending are never repeated.”
Housing Minister Margaret Beckett said: “We are determined to do everything possible to ensure repossession is always a last resort, and have taken decisive action to help households facing difficulties right now.
“As well as agreeing a three-month minimum period before lenders seek to repossess, we have put in place more free debt and legal advice, and have increased support to help people pay their mortgage if they lose their job.”

This was found: http://www.mirror.co.uk/news/city-news/2009/03/18/repossession-fears-grow-as-740-more-people-a-day-can-t-pay-their-mortgages-115875-21207351/

A HOMEOWNER who is losing £12,000-a-month while trying to sell his £1million property hopes to beat the credit crunch by selling it in a RAFFLE. Brian Wilshaw, 64, is selling 46,000 tickets at £25 each for a chance to win his 11.5 acre Oldborough Retreat. The estate comes with a five-bedroom house, four two-bedroom holiday lodges, 9.5 acres of woodland and a two-acre fishing lake.

Situated in countryside near Morchard Bishop near Crediton, Devon, the estate is a former holiday complex but Brian is now retiring and wants to sell-up. Winner The dad-of-three decided to raffle the retreat because the housing market and credit crunch have seen the market stagnate. If you would like to buy a ticket please see link at the bottom.

Brian said: “This has been our dream home but now we are retiring we want to let ordinary people have the chance of a lifetime to live here. “Rising house and land prices have put property like this one way out of the reach of most people. “We put the house on the market last year but it was already becoming obvious that the market was slowing down. “We’ve had this idea for a number of years now. Everyone who came here on holiday used to say ‘If I had the money I’d buy this place’.

“I would absolutely love to see the face of the person that wins it when they walk in because it’s going to change their life.” The house has two ensuite bedrooms, one master bedroom, whirlpool bath, a double garage and a large lounge, small study, dining room and kitchen. Nearby are four holiday lodges each boasting two double bedrooms, a bathroom, a kitchen and dining area, which can be rented out or sold off individually. All five properties are situated in woodland with a private drive, gates and a lake with carp, tench, perch, roach, rudd and eels. Heating engineer Brian and his wife Wendy, 49, bought the estate 14 years ago and ran it as a small holiday park until 2006.

Advertisement Brian said: “It’s well worth £25 a ticket. At 46,000-to-one our odds are a lot better than winning the Lottery.

For more: http://www.thesun.co.uk/sol/homepage/news/article1349439.ece

Catherine Zawadski, 89, upped sticks because 52-room Balfour Castle on tiny isle Shapinsay, near Orkney, was “a bit too much to manage”.

The Polish Army captain’s widow was last night settling in to a drab, grey £280,000 four-bedroom house in Kirkwall, Orkney, after almost 50 years in her grand home.
Last night one stunned local said: “She can still see the castle from her new garden — but I am not sure if that is more of a curse than a blessing.”

Mrs Zawadski was unavailable for comment. But her son Richard has admitted: “We are selling because it’s a bit too much to manage.”

FED-UP with forking out a small fortune for a tiny bedsit?

 Why not pay a fraction of the price and set up home in an old fire station?

In return for looking after empty premises, cash-strapped tenants — or guardians, as they are known — get loads of living space in prime locations for as little as £45 a week rent INCLUDING council tax.

Many public buildings are involved in the scheme, including old schools and town halls.

Barmaid Lyndsey Dawson, 23, is one of six tenants living in a laboratory that fell into disuse more than a decade ago.

Others who have moved in include a cabbie and a teacher.

Lyndsey pays £180 per month for the use of a vast office in the three-storey building on Bidston Hill, Merseyside, on the Wirral peninsula.

http://www.thesun.co.uk/sol/homepage/features/article2266214.ece