Buy-to-let repossessions gather pace

Renters are more susceptible to repossession than homeowners, according to housing and homelessness charity Shelter.

Citing figures from the Council of Mortgage Lenders, the charity claims that the number of buy-to-let repossessions has increased twice as fast as the mortgage market as a whole and the situation could prompt people to seek to self build their homes.

The number of buy-to-let mortgages ending in repossession rose by 100 per cent year on year in the first half of 2008, compared to a 48 per cent rise across the whole mortgage market.

Adam Sampson, chief executive of Shelter, said that these figures show the "shadow of repossession" is no longer cast solely over homeowners but thousands of innocent renters who are kept in the dark about their potential eviction.

"Sadly, the impact of repossession can be even greater for tenants, who, despite paying rent on time, can find themselves with very few rights and the first they even know about it is when the bailiffs start banging on the door," he furthered.

According to the Guardian, 155,600 people are currently three months or more behind on repayments for their mortgage.