UK repossession figures show rapid increase

Official figures out today show in England and Wales that homeowners threatened by repossession rose by a quarter in the year to the end of June.

According to The Ministry of Justice lenders made 28,658 possession orders against borrowers in the second quarter of the year, 24% more than the same time last year.

The numbers show there is an increase in homeowners struggling to pay their bills, 4% higher than the previous quarter.

The possession claim has now reached 39,078 these are claims made before it goes to court.
This is a huge jump to 17% up from the second quarter last year, but has run at the same rate as the first three months of this year, according to the Ministry.

It’s looking likely the repossession claims are going to be higher this year, last year there were 137,591 which was a 15 year high.

These figures do not reflect the number of homes actually repossessed by lenders but shows how many court actions have been started against homeowners.

If you do think you are going to run into financial problems and not be able to keep up your repayments, you should tell your mortgage lender immediately, as they will try and help you as much as they can.

Source: Guardian