“Worrying” repossession figures highlighted

Figures from the House of Commons have demonstrated that the number of mortgage possession orders issued by courts in Suffolk had more than doubled over the course of the past ten years.

And these statistics were described as presenting concerns for home owners across the region by the MP for Stowmarket David Ruffley, who suggested that personal debts are having a “disastrous effect” on people in and around his constituency, reports local news service the Evening Star.

“People are being encouraged to borrow too much and lenders are making poor lending decisions,” Mr Ruffley is quoted as saying.

“These statistics are just the latest symptom of an economy built on debt. Hundreds of people a year are being forced into financial ruin,” he continued.

Meanwhile, mortgage borrowers in the UK look likely to face increased mortgage repayments following the Bank of England’s recent decision to raise the base rate of interest to 5.5 per cent.