Fliintshire repossessions rise 340% in last quarter of 2007

Shocking new figures from the Ministry of Justice show that repossessions in Flintshire rose by 340% in the last quarter of 2007 compared to the same period in 2006.Householders who come off their fixed rates this year face a hike in mortgage payments of £200 extra on the average monthly mortgage bill. Up to 9,070 households in Flintshire have been identified as having ‘sub prime loan exposure’ and may now be struggling with debt.

Conservatives are calling on mortgage lenders to do more to help these families by:

· Contacting home owners 3-6 months before the end of their fixed rate mortgage period,

· Offering free financial advice, and

· Not imposing sudden hikes in repayments.

First time buyers are suffering from the credit crunch too, as mortgage lenders are demanding larger deposits. With the Halifax reporting falls in house prices of 4.5% across Wales and many mortgage products being withdrawn the credit crunch will be affecting all first time buyers. In response, Conservatives are calling for stamp duty to be abolished by the Government for first time buyers, for homes up to £250,000.

Antoinette Sandbach said: “The credit crunch will place yet more pressure on family budgets already squeezed by high utility costs, rising fuel bills and above inflation council tax rises.

With many households facing soaring bills as their fixed rates come to an end, mortgage lenders should do more to help home owners with the soaring cost of living and help reduce the hardship under Gordon Brown’s government. Those facing problems now should seek urgent advice from debt advisors available through the Citizen’s Advice Bureau. ”