The latest statistics regarding claims and orders released

Posted under General by Jermaine

The number of homeowners in the UK facing repossession orders has gone up, states the Ministry of Justice. Repossession orders are issued against a homeowner after he or she fails to keep up with the mortgage payments.  According to the Ministry of Justice, the number of repossession orders made by the courts in England & Wales at an early stage of the (repossession) process rose 17 per cent in the first quarter of the year 2008. It says that there were 27,530 repossession orders made. The figure is up from 23,438 in the same period of previous year. The credit crunch, according to market observers, has led to more expensive and unaffordable repayments for new mortgages and a resultant cut in the availability of deals.

The statistics regarding claims and orders are also not too encouraging. The number of claims for mortgage possession – deemed to be the first step for the repossession was also up. This is the stage when a defaulting homeowner is threatened with action. In the first three months of the year there were 38,688 claims compared with 33,344 in the same period last year – a rise of 16 per cent. This was also 7 per cent higher than the final three months of previous year.