Spike in mortgage arrears and homes being repossessed as interest rates soar

Lenders stand ready to help anyone who might be concerned about their repayments, according to UK Finance, which released the figures

There was a 50% increase in the number of homeowner mortgaged properties being repossessed in the first quarter of 2023, according to UK Finance (Joe Giddens/PA) (PA Archive)

The number of homes being repossessed and homeowners in arrears jumped in the first quarter of this year, according to figures from a trade association.

There was a 50 per cent increase in the number of homeowner-mortgaged properties being repossessed in the first quarter of 2023, compared with the previous three months, UK Finance said.

Some 750 homeowner-mortgaged properties were taken into possession in the first quarter of 2023.