Homeowner woes as reposessions rise

NUMBERS of homeowners at risk of losing their homes in Suffolk has soared by a third in the past year, shock new figures have revealed.More than 400 repossession orders were made in the county during the first quarter of this year - up 33per cent on the same time a year ago.

NUMBERS of homeowners at risk of losing their homes in Suffolk has soared by a third in the past year, shock new figures have revealed.

More than 400 repossession orders were made in the county during the first quarter of this year - up 33per cent on the same time a year ago.

In the first quarter of this year, 150 mortgage possession claims were issued in Ipswich County Court. That represented a 13pc rise compared to the first quarter of last year.

Financial experts in Suffolk said the figures offered an early indication of homeowners' ability to cope with higher mortgage repayments as a result of coming to end of short-term fixed rate deals following the impact of the credit crunch.

Richard Tingey, managing director of Capital Care Financial Services, based in Bury St Edmunds, said: “A lot of people who were on fixed-rate fixed-term mortgages are now coming off and going on to the standard variable rate which is considerably higher than the special deals they got on their fixed-rate deal.

“Some people are finding themselves in an extremely difficult position with their finances already stretched being stretched even further, forcing some families regrettably into mortgage arrears.”

Most Read

Nationally, 27,530 mortgage repossession orders were made during the first quarter of this year, up 17pc on the same period a year ago. It is also a 9pc rise compared to the last three months of 2007.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter