Property Today

Property News

Published Date: 10 May 2008

if you do find yourself in financial trouble, tell your mortgage company immediately and seek independent help

More of us are facing repossession trouble

The number of repossession orders in the UK is going up as people struggle to meet their mortgage payments.

The Ministry of Justice says orders at an early stage went up 17 per cent in the first quarter of 2008, from 23,438 to 27,530.

And the number of mortgage possession claims has also gone up. This is the first stage of the process where homeowners are threatened with action.

They went up 16 per cent from 33,344 to 38,688 in the first three months of 2008.

The credit crunch is being blamed for a rise in the cost of repayments, and fewer better offers being available for people in trouble.

Few of these homes are actually repossessed, as the lenders and borrower typically work out a deal.

Last Updated: 10 May 2008 02:51 PM

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