In response to Ministry of Justice quarterly figures from October to December 2019 released today, showing an 11 per cent increase in mortgage possession claims, a 24 per cent rise in orders and a 9 per cent rise in repossessions compared with the same quarter last year.
Becky O’Connor, personal finance specialist at Royal London, said: “For many people struggling to meet mortgage repayments, tolerance from lenders and low interest rates have successfully kept the threat of repossession at bay over the last few years.
“However a recent increase in repossessions show that for a rising number of homeowners at breaking point, even this relatively benign lending environment is not enough to keep the roof over their heads.
“Anyone struggling to meet their mortgage bills must speak to their lender as quickly as possible to avoid any unnecessary action being taken.”
Notes to Editors
- Ministry of Justice possession quarterly statistics published February 13 2020 and can be found here: https://www.gov.uk/government/statistics/mortgage-and-landlord-possession-statistics-october-to-december-2019
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About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.