The number of homeowners under threat from repossession has risen significantly this year, recent statistics from the Ministry of Justice has shown. Mortgage possession claims (the first stage in a repossession) have increased to 38,688 in the first , a 7% rise on the previous quarter and a 16% rise compared to this time last year. After a mortgage posession claim is issues, the next stage is a mortage possession order – these too have risen by 7% this year, 17% year on year. The first quarter of 2008 has also seen a 6% increase in the number of County Court Judgements being issued, another indicator that ordinary consumers are struggling to make basic payments. Overall, the Council of Mortgage Lenders expects repossessions to nearly double by the end of the year, as they are expected to rise from 27,000 in 2007 to 45,000 in 2008.
With the double effect of a sharply rising cost of living and mortgage prices that are spiralling upwards, many homeowners are finding themselves trapped…
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