New statistics show that the number of homes being repossessed by mortgage lenders has risen by 12 per cent between June and September of this year.
The results published by the Council of Mortgage Lenders demonstrate that 11,300 properties were repossessed by mortgage lenders in third quarter of the year. In the same period the number of borrowers in arrears went up by 8 per cent to 168,000 and the number of repossession orders made by England and Wales courts rose by 3 per cent to 29,516.
“It is important that homeowners struggling to make mortgage payments do not just bury their heads in the sand,” says property solicitor David Briffa of London law firm Child & Child. “Speak to your lender; see if they will accept, says, 80 per cent of the monthly payment. Don’t just stop paying altogether. Your financial situation might improve in a few months and you could lose your home needlessly.”
“Speak to your Benefits Office as well,” he advises. “Make sure you are getting any assistance you are entitled to.”
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