Mortgage Possession Claims on the Rise in Torridge

A recent report from the Ministry of Justice has revealed that almost a dozen mortgage-holders in Torridge risked losing their homes last year. The figures show that 11 mortgage possession claims were made in Torridge in the year to March, with one of these claims resulting in a property being repossessed by a bailiff.

Mortgage Possession Claims on the Rise

The cost-of-living crisis and high mortgage costs are putting people in danger of becoming homeless, warns a charity. The figures are concerning, with a 28% increase in mortgage possession claims across England and Wales in the first quarter of 2024 compared to the same period last year.

Renters are also suffering, with a 6% increase in landlord claims over the same period across the country. In Torridge, landlords made 72 claims in the year to March, with 12 resulting in a repossession. This was up from 2022-23, when there were 51.

“We are concerned about the number of people who are at risk of becoming homeless.” - Law Society president Nick Emmerson

The charity StepChange, which offers advice and support for those in arrears with their mortgage or rent, warns that rent or mortgage payments are priority bills and should always be addressed before any consumer credit debt.

Mortgage Payments

“Mortgage lenders have a regulatory responsibility to treat borrowers fairly, offering support and forbearance for people who are in difficulty,” said Jonathan Chesterman, policy manager at StepChange.

A Treasury spokesperson said that interest rates are high across the developed world as economies work to tackle high inflation, but acknowledged that many people are continuing to struggle.

Mortgage Interest Rates

Anyone struggling with their mortgages should 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.