Wales registers the biggest rise in the number of mortgage possession claims

Posted under General by Jermaine

The mortgage possession claims stage comes before the impending mortgage possession orders, when a court grants or passes an order for possession of a home.

However, most of these homes do not actually end up getting repossessed. This is mainly because the borrower can present the court with his or her case for not proceeding. Alternatively, the lender reaches an arrangement with the defaulting borrower.

The latest figures from Ministry of Justice indicate that the rise in the number of orders made was greatest in Wales – up nearly 26 per cent in the first three months of 2008 compared with the figures for the same period last year.

There was a 23 per cent rise over the same period in the North West, and rise of 22 per cent in the Midlands, 9 per cent in the South East, 11 per cent in the South West and 1 per cent in the North East. Another major concern is tighter household budgets, which has largely led to the repossessions. The number of actual repossessions, by private lenders only, across the UK is shown in figures from the Council of Mortgage Lenders (CML). The figures are published twice a year.