Mortgage possession orders up 24% in year

25 November 2008

Ministry of Justice figures show that mortgage possession orders – made by judges in the county courts – were up by 24% in the third quarter of 2008, compared with the same period last year.

Mortgage possession orders were also up by 3% on the previous quarter.

Meanwhile, possession claims by lenders were up 9% in the third quarter compared with the same period last year, but actually fell by 1% compared with the previous quarter.

As MoneyMarketing.co.uk points out, neither figure represents the number of repossessions that actually occur, since some repossessions take place without court action, and many possession orders do not end in repossession. Both, however, suggest a marked rise in repossessions over the last year.

A mortgage expert for Think Money said: “There are a number of things people can do to address their mortgage debts. Speaking to a debt adviser about their mortgage problems could make a real difference and hopefully help them stay in their home.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.

Tags: mortgage, mortgage possession, repossession, Ministry of Justice, loans, debt

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