Mortgage Possession Claims on the Rise in Pembrokeshire

Mortgage possession claims are on the rise in Pembrokeshire, with dozens of homeowners at risk of losing their homes. The cost-of-living crisis and high mortgage costs are to blame, warns a charity.

Mortgage Possession Claims on the Rise in Pembrokeshire

Dozens of mortgage-holders in Pembrokeshire risked losing their homes last year, new figures show. According to data from the Ministry of Justice, 31 mortgage possession claims were made in Pembrokeshire in the year to March, with three of these claims resulting in a property being repossessed by a bailiff.

Mortgage possession claims are on the rise in Pembrokeshire

The cost-of-living crisis and high mortgage costs are putting people in danger of becoming homeless, warns a charity. The figures show a 28% increase in mortgage possession claims across England and Wales, with 5,182 claims made in the first quarter of 2024.

Renters are also suffering, with a 6% increase in landlord claims over the same period across the country. In Pembrokeshire, landlords made 69 claims in the year to March, with 12 resulting in a repossession.

“We are concerned about the number of people who are at risk of becoming homeless,” said Law Society president Nick Emmerson. “With the cost-of-living crisis and high interest rates, many are struggling with rent and mortgage payments and are at risk of losing their homes.”

Mortgage rates remain high

The charity StepChange, which offers advice and support for those in arrears with their mortgage or rent, advises that rent or mortgage payments are priority bills and should be addressed before any consumer credit debt. Policy manager Jonathan Chesterman said, “It’s really important to let your lender or landlord know as early as possible if you fear you might fall behind on payments.”

A Treasury spokesperson said, “Interest rates are high across the developed world as economies work to tackle high inflation and the UK is no different.”

Mortgage lenders have a regulatory responsibility to treat borrowers fairly

The Mortgage Charter offers flexibilities to make it easier to manage monthly repayments and gives extra protections against repossessions. Anyone struggling with their mortgages should contact their lender and consider the charter’s provisions.