Huge rise in Merseyside repossession orders revealed
THE number of Merseyside families losing their homes because they cannot pay their mortgage has seen an alarming rise, new figures have revealed.
County courts reported big leaps in repossession orders made by mortgage lenders, including in Liverpool (31%), Runcorn (41%) and Warrington (37%).
Meanwhile, the numbers hit with a possession claim – the first stage of threatened action – also soared, including in Liverpool (42%), Southport (61%) and St Helens (32%).
The figures were seen as further gloomy evidence of the effect of the “credit crunch”, which has dramatically pushed up the cost of new mortgages and slashed back the availability of deals. The government immediately moved to calm fears of a return to the repossessions crisis of the early 1990s, by pledging free legal advice for every homeowner threatened with a court order.
A £10m package will pay for extra advisors, offering help on mortgage “holidays”, loan rescheduling or a switch to interest-only payments before court action is reached.
By Rob Merrick, Liverpool Daily Post
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