Nottingham North one of highest repossession risk areas

Posted on 2 July 2012 (Permalink)

Nottingham has one of the highest proportions of homeowners at risk of facing repossession in England.

Research by Shelter has revealed that the rate of mortgage possession claims per 1000 in Nottingham is 5.02, making it the 47th highest out of 324 local authorities in England. Once a mortgage claim has been issued, houses are at real risk of repossession.

Graham Allen MP said, “This shows that many families in Nottingham are struggling to pay for their housing costs. This is a difficult time financially, with rising levels of unemployment and homelessness. People are struggling to get by and the Government needs to act to prevent people lose their homes or getting into debt.”

The high cost of living, increased levels of unemployment and rising mortgage costs mean that many people are feeling the squeeze and risk falling into a cycle of debt and repossession. Mortgages are the single largest monthly expense for many homeowners.

Graham said, “Losing your home is a devastating and disrupting experience. More needs to be done to highlight this issue and I would encourage anyone who is concerned to seek advice about their housing problems.”