Repossessions up 17%

Ministry of Justice figures have revealed 27,530 mortgage possession orders were made on in the first quarter of 2008, an increase of 17% from the first quarter of 2007 and an increase of 9% on the fourth quarter of 2007.

The figures also reflect an increase in mortgage possession claims, which where up by 16% from the same quarter last year.

Mark Leaper, CEO of UK Finance specialists Moneymatchmaker.com said: “The continuing increase in the cost of living is coming hard to homeowners, who are slipping further and further towards mortgage troubles and are generally finding that keeping on top of their finance is the bain of their lives. Moneymatchmaker.com is receiving daily increasing numbers of UK homeowners who are using our Free Credit Check to see how their credit report looks before seeking refinancing option to try to halt mortgage problems".

Leaper went on to say "although the available number of mortgage products has shrunk considerably, the good news is that there are still remortgaging options open to the consumer, but the best deals are found by using price comparison websites like Moneymatchmaker.com".

 

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