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15/08/2008
Homeowners facing threat of repossession |
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An increasing number of homeowners are facing the threat of repossession, Ministry of Justice figures show.
There were 28,658 orders made by the courts in England and Wales in the second quarter of 2008 which was a 24 per cent increase on the same period last year.
While repossession orders do not always lead to a person losing their home, there has been an increase in the number of actual repossessions across the UK, according to recent lenders' data.
Shelter, the housing charity said that lenders were "still using repossession as the first rather than last resort".
Housing minister, Caroline Flint, said: "While we are not seeing repossessions on the same scale as the early 1990s, we are making sure the right advice and support is available for the minority of borrowers who may need it at the moment because of global economic pressures."
The Council of Mortgage Lenders said they had forecast a total of 45,000 possessions by the end of the year. They described these figures as remaining "extremely small" in comparison to the number of mortgages in the UK. |
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