Mortgage Holders in Bradford at Risk of Losing Their Homes

A recent report from the Ministry of Justice has revealed a concerning trend in Bradford, where an increasing number of mortgage holders are at risk of losing their homes. The data shows that in the year to March, 264 mortgage possession claims were made in Bradford, resulting in 30 properties being repossessed by bailiffs. This marks a significant increase from the previous year, where 211 claims were made, leading to 59 homes being repossessed.

The risk of mortgage repossession is on the rise in Bradford

The charity StepChange has warned that the cost-of-living crisis and high mortgage costs are putting people in danger of becoming homeless. The Law Society has also expressed concern, stating that many are struggling with rent and mortgage payments and are at risk of losing their homes.

The risk of homelessness is a growing concern in Bradford

The figures show that renters are also suffering, with a six per cent increase in landlord claims over the same period across the country. In Bradford, landlords made 597 claims in the year to March, with 168 resulting in a repossession.

Rent arrears are on the rise, leading to an increase in landlord claims

The Law Society has cautioned that legal aid is the only hope for many, but it remains out of reach, with more law firms no longer offering advice. StepChange has advised that mortgage lenders have a regulatory responsibility to treat borrowers fairly, offering support and forbearance for people who are in difficulty.

Mortgage lenders have a responsibility to treat borrowers fairly

A Treasury spokesperson has stated that interest rates are high across the developed world as economies work to tackle high inflation and the UK is no different. They have encouraged those struggling with their mortgages to contact their lender and consider the flexibilities in the Mortgage Charter, which can make it easier to manage monthly repayments and gives extra protections against repossessions.

The Mortgage Charter offers support for those struggling with mortgage payments

As the cost-of-living crisis continues to affect many, it is essential that mortgage holders and renters take action to address their financial difficulties. By seeking advice and support, individuals can avoid the risk of losing their homes and take steps towards a more stable financial future.