David Ruffley MP has today expressed his concern at the growing number of home repossessions in Bury St Edmunds and Suffolk county courts.
New House of Commons figures revealed in David Ruffley's written question to Harriet Harman, Minister of State at the Department for Constitutional Affairs, show that since 1997 the number of mortgage possession orders has shot up by 58 percent in Suffolk and a colossal 77 percent in Bury St Edmunds.
Mortgage possession orders are made when a court- following a judicial hearing- grants an order for repossession of a property immediately. Once this is granted the lender can apply for a warrant to have the mortgage payer evicted; but even after the order is issued, homeowners can still negotiate a compromise to prevent being evicted.
David said:
'These are shocking figures. They clearly show that more people both in Bury St Edmunds and the rest of Suffolk are struggling with paying their mortgage.
'The summer of 2005 saw many people come off low fixed rate mortgage deals signed two years previously when interest rates were at historic lows. Since then interest rate rises have put pressure on home owners and the underlying cost of borrowing has increased. Let's hope the economy does not deteriorate, as this would spell more trouble for home owners.'
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