An increase in interest rates on mortgages will cause more and more people to lose their home in the coming months, one minister has claimed.
Liberal Democrat Shadow Chancellor Vince Cable said that the threat of repossession had become a "ticking time bomb".
He remarked: "Despite the predictions of a modest fall, the numbers of repossessions are likely to soar in the next two years because of rising unemployment. Temporary government schemes are deferring the problem, not solving it."
Speaking at a Westminster Hall debate on the issue, Mr Cable suggested that the Mortgage Rescue Scheme - an initiative to help homeowners at risk of repossession - was failing in its aims.
The discussion followed an announcement by the housing minister that the project had assisted six households between April and May, while the original target had been 6,000 families.
Earlier this month, the Council of Mortgage Lenders (CML) revealed that the amount of home loans approved by lenders had fallen in May by 2%.
Rise in interest rates 'will increase repossessions'
