First Home Repossession By Government Backed Northern Rock

Published: 6/25/2010

After being unable to maintain the repayments on her GBP360,000 Northern Rock mortgage Christina Georgiou and her three children have been given just a month to vacate the property they once called home.

There are anticipated to be many thousands of people just like Ms Georgiou who have fallen behind on their mortgage repayments but the irony of Northern rock, effectively a government backed financial institution, throwing people out of their home is sure to stir up controversy.

A particularly relevant fact of this situation is that the Northern Rock lent the money not really knowing if the repayments were affordable. This is much like many other banks and building societies which will strike a sombre note for many observers who may now be expecting this scenario repeated across the country.