NI homeowners facing repossession

Lenders predict a sharp rise in repossessions in 2008

The number of Northern Ireland homeowners facing repossession orders after failing to keep up with mortgage payments is up by more than 30%.

The number of writs issued is at its highest level for five years.

More than 750 writs have been issued in the first quarter of this year, compared with just over 550 for the same period in 2007.

Of these, 200 were possession orders and a further 96 were suspended possession orders.

Repossession orders have also increased in England and Wales.

According to the Ministry of Justice, the number of orders made by the courts in England and Wales at an early stage of the repossession process rose 17% in the first quarter of 2008.

There were 27,530 orders made, up from 23,438 in the same period of 2007.

The credit crunch has led to more expensive repayments for new mortgages and a cut in the availability of deals.

The number of actual repossessions, across the UK and by private lenders only, is shown in figures from the Council of Mortgage Lenders (CML) published twice a year.

The data for the first half of 2008 will be published in August. The CML predicts that there will be 45,000 repossessions in 2008, up from 27,100 in the previous year.

The CML says there are 11.8 million outstanding mortgages in the UK.