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UK repossessions on the rise
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There has been a dramatic rise in the number of mortgage possession claims in the UK, the government has revealed.
According to Ministry of Justice figures, there were some 38,688 claims during the first quarter of 2008.
The figure represents the number of properties entering the first stage of the repossession procedure.
Nearly half (47 per cent) of these were suspended, compared to 46 per cent in the last quarter of 2007.
The Council of Mortgage Lenders also released findings declaring that 27,100 mortgages ended in actual repossession last year.
A government announcement on April 22nd said that those in financial trouble who were facing repossession would receive assistance.
The measures are particularly focused on the 1.4 million borrowers coming to the end of a fixed-rate deal during this year.
Housing minister Caroline Flint said: "For the minority of owners who may need support and advice now, we want to ensure it is there for them in the right place and at the right time.
"It is important to recognise we are dealing with an entirely different situation in the market from what was experienced in the early 1990s."
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Created on 13/06/2008 10:16:11
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