Mortgage Possession Claims on the Rise in Bolton

The latest figures from the Ministry of Justice reveal a concerning trend in Bolton, where mortgage-holders are at risk of losing their homes. In the year to March, 100 mortgage possession claims were made, with 8 resulting in repossession. This marks a significant increase from the previous year, with 79 claims made in 2022-23.

Mortgage rates remain high, putting homeowners at risk

The cost-of-living crisis and high mortgage costs are putting people in danger of becoming homeless, warns a charity. With mortgage rates remaining high since surging in late 2021, many are struggling to keep up with their payments.

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

Renters are also suffering, with a 6% increase in landlord claims over the same period across the country. In Bolton, landlords made 503 claims in the year to March, with 149 resulting in repossession.

Rent prices continue to rise, putting pressure on renters

Andrew Cardwell, Managing Director at Cardwells Estate Agents, notes that while the figures may seem alarming, only a third of claims actually result in repossession. “The courts were reasonably lenient for both mortgage repossessions and tenancy possession matters during, and post-pandemic,” he explains.

However, the lack of supply of new social housing and the shrinking volume of private landlords providing alternative properties to the rental market may be contributing to the issue. As a result, tenants are being forced to stay in situ for as long as possible while they find alternative housing.

The risk of homelessness is a growing concern in Bolton

For those struggling with mortgage or rent payments, it’s essential to seek help as early as possible. Mortgage lenders have a regulatory responsibility to treat borrowers fairly, offering support and forbearance for those in difficulty. The Mortgage Charter also provides extra protections against repossessions.

If you’re struggling with your mortgage or rent, don’t hesitate to reach out to your lender or landlord. And if you’re at risk of becoming homeless, seek help from charities like StepChange, which offers advice and support for those in arrears with their mortgage or rent.

Seek help if you’re struggling with mortgage or rent payments

The situation in Bolton is a stark reminder of the importance of addressing the root causes of homelessness. As the cost-of-living crisis continues to bite, it’s essential that we work together to provide support for those struggling to keep a roof over their heads.