2009 will be a tough year for us all. The latest figures suggest that as many as 75,000 Britons will face repossession, that’s a 67% increase on the number of repossessions taking place this year. The number of people falling into mortgage arrears is expected to reach around half a million.

The number of repossessions expected next year is going to take us back to levels we witnessed during the recession of the early 90s.

Lenders will be doing everything they can to limit the number of homes being repossessed but there will still be a large number of cases where there is no alternative.

The Council of Mortgage Lenders has said that many will be saved from mortgage repossession thanks to recent government legislation forcing lenders to provide consumers with breathing space. The Homeowner Mortgage Support Scheme, will also help.

The group also predict net lending will for the first time since records began in 1964 become negative; this means borrowers will repay more existing debts than they borrow in new mortgages.

The below chart show the number of home repossessions taking place since 1990

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5. Tough times ahead - April 2008