A study has illustrated a growing trend of individuals failing to keep up with their mortgage payments at the same time as the number of repossession hearings in court is forcing lawyers to miss court slots in a variety of areas.
Standard & Poor’s survey shows that 23.31 per cent of mortgages were delinquent in the second quarter of this year, an increase from 22.17 per cent in the previous quarter. The problem looks set to grow - with less opportunities for refinancing available and tougher standards for borrowing.
S&P also said that, using data obtained from the Council of Mortgage Lenders, they found that one in every 13 home repossessions can be accounted for by a Northern Rock mortgage.
As reported in The Times, personal injury lawyers, adoption lawyers and commercial lawyers are facing delayed hearings as mortgage repossessions clog up the courts. They are having to wait hours and even days while the judges deal with repossession cases.
The newspaper reported that one judge had heard 45 repossession cases in one day at Barnet County Court and had appealed for additional part-time judges to help with the caseload.
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