Repossessions on the rise

15 September 2009

A terraced house

New figures from the Financial Services Authority show that 13,610 homes were repossessed in England in the last three months, a rise of 23 per cent on the same period the last year.

Arrears are continuing to rise with 403,000 loan accounts in arrears, a 30 per cent increase on the same period last year.

Shelter director of policy and campaigns Kay Boycott said: 'The steady increase in mortgage arrears, coupled with rising unemployment, shows the risk of a second wave of repossessions is greater than ever.

'As more and more people fall into arrears it’s vital they get advice as early as possible to give them the best chance of keeping their home. Help is out there for anyone struggling to pay their mortgage and they don’t need to suffer alone.'

Ms Boycott added: 'Shelter has been working hard to help thousands of desperate homeowners keep their home by making sure they get the Government help they’re entitled to while negotiating a better deal with their lenders.

'But we can help those in trouble, especially if we intervene early, so it’s vital that anyone struggling seeks independent advice now to ensure they don’t drown in the second wave of repossessions.'

Need help?

Anyone struggling with the cost of their mortgage should seek advice as soon as possible. Call Shelter’s mortgage advice line on 0300 3300 515, or find advice on our mortgage arrears page or repossessions page