The pressure on mortgage borrowers is creating an increase in the number of home repossessions, as consumers find it increasingly more difficult to meet mortgage repayments .
New figures from the Ministry of Justice indicate a rising level of court actions for home repossessions in England and Wales in the third quarter of 2007. The Council of Mortgage Lenders predicted, so far accurately, that there would be a 50 per cent increase in home repossessions in the next year.
The interest rate climbs, combined with tighter mortgage lending criteria, are simply stretching consumers to their limits. The Ministry of Justice revealed that the second quarter of the year saw 21,514 repossession orders .
Mortgage experts caution that interest rate climbs have still not caught up with many people on fixed-rate mortgages .
Mortgage pressure causes rise in repossessions
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