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Repossessions up 8.5% in first quarter

UK lenders issued 8.5 per cent more repossession claims during the first quarter of this year, in a clear sign that borrowers are struggling with higher mortgage repayments and the rising cost of day to day living. Figures from the Ministry of Justice reveal that during the first quarter 38,688 possession claims were issued by lenders in the courts. This compares with the 35,662 mortgage possession claims submitted during the final three months of last year. Sue Anderson, spokesman for the Council of Mortgage Lenders, said: "The figures are important for indicating a trend. But it must be borne in mind that the figures for court repossession orders are likely to present a far bleaker picture than we find with actual repossessions."Last year a rise of 21 per cent in the number of repossessions was recorded, taking the total to 27,100.

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