Repossessions on the increase
Posted in Debt News, Mortgage Debt and Repossession, on Friday, November 3rd, 2006The number of home repossession actions has risen by 22% compared to last year, according to new figures released by the government. The report also shows a rise of 15% between June and October compared to the previous quarter.
A total of 34,626 mortgage possession actions were entered with the courts during the 3rd quarter of the year, resulting in over 24,000 repossession orders being granted, 11,603 of them suspended.
Analysts say that the August rise in interest rates will have pushed some struggling households over the edge by making already crippling mortgage repayments even more expensive, and it’s expected that the situation will be made even worse by future rate rises which commentators believe are all but inevitable.
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July 16th, 2007 at 8:04 pm
To say we have a problem with repossessions is only the tip of the iceburg.
The real problem is the continued increase in house prices and the increase in the bank of England base rate meaning that for many some time soon something is going to snap.
Many people are already bending over backwards to get onto the property ladder and are facing increased monthly payments as the interest rates go up.
At the end if this year, the first of the fixed rate mortgages from two years ago ends and with many coming out of the fixed period into an economy with a much higher base rate could add hundreds to our mortgage repayments, this could spell disaster for many who simply wont be able to afford to keep up.
I think it is wise to try and get as many debts in order before the end of the year when another rate increase is expected.
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