The Rise of Mortgage Possession Claims in Carmarthenshire

As the cost-of-living crisis continues to bite, a growing number of mortgage-holders in Carmarthenshire are finding themselves at risk of losing their homes. According to recent figures, 59 mortgage possession claims were made in the county in the year to March, with 11 of these resulting in a property being repossessed by a bailiff.

The threat of repossession is a harsh reality for many in Carmarthenshire

This trend is not unique to Carmarthenshire, with a 28% increase in mortgage possession claims across England and Wales in the first quarter of 2024. The Ministry of Justice reports that 5,182 such claims were made during this period, a stark reminder of the struggles many are facing in the current economic climate.

The Law Society has expressed concern over the growing number of people at risk of becoming homeless, citing the cost-of-living crisis and high mortgage costs as key factors. With many struggling to keep up with rent and mortgage payments, the threat of repossession is a very real one.

The cost-of-living crisis is pushing many to the brink of homelessness

Charities such as StepChange are working to provide support and advice to those in arrears with their mortgage or rent. Their policy manager, Jonathan Chesterman, stresses the importance of prioritizing rent or mortgage payments and seeking help as early as possible if difficulties arise.

Meanwhile, the Treasury has acknowledged the struggles faced by many, but points to the need to tackle high inflation as a key factor in the current economic climate.

As the situation continues to unfold, one thing is clear: the threat of mortgage possession claims is a very real one, and it’s essential that those affected seek help and support as soon as possible.

Seeking help and support is crucial for those struggling with mortgage payments