Mortgage Possession Claims on the Rise in Northumberland

As a homeowner in Northumberland, I’ve been following the recent trends in mortgage possession claims with growing concern. The latest figures from the Ministry of Justice paint a worrying picture: in the year to March, 108 mortgage possession claims were made in Northumberland, with 23 of these resulting in a property being repossessed by a bailiff. This marks a significant increase from the previous year, when 73 claims were made, leading to 27 homes being repossessed.

“The rise in mortgage possession claims is a stark reminder of the struggles many homeowners in Northumberland are facing.”

The root of the problem lies in the high mortgage rates that have persisted since late 2021. Although some rates have been cut in recent months, the impact of these high rates is still being felt. It’s not just homeowners who are struggling; renters are also feeling the pinch, with a six per cent increase in landlord claims across the country.

In Northumberland, landlords made 319 claims in the year to March, with 99 resulting in a repossession. This is a decrease from the previous year, when 358 claims were made, but it’s still a worrying trend.

Mortgage Possession Claims on the Rise

As someone who has lived in Northumberland for many years, it’s heartbreaking to see families and individuals struggling to keep a roof over their heads. The rise in mortgage possession claims is a stark reminder of the struggles many homeowners in Northumberland are facing. It’s a complex issue, but one that requires urgent attention and action from policymakers and lenders alike.

Homes in Northumberland

The impact of high mortgage rates is far-reaching, affecting not just homeowners but also the wider community. It’s essential that we work together to find solutions to this crisis, before it’s too late.

Mortgage Rates Remain High

As I reflect on the latest figures, I’m reminded of a conversation I had with a friend who recently lost their home due to repossession. The emotional toll it took on them was immense, and it’s a stark reminder of the human cost of this crisis.

The Human Cost of Repossession

The rise in mortgage possession claims in Northumberland is a wake-up call for all of us. It’s time for policymakers, lenders, and homeowners to come together to find a solution to this crisis. We owe it to ourselves, our families, and our community to take action.

The Northumberland Community