The number of homes being repossessed jumped by 15% in the third quarter of 2022. That equated to some 700 homeowner-mortgaged properties, according to figures from trade association UK Finance.
Meanwhile, a total of 390 buy-to-let-mortgaged properties were repossessed in the same period, which was up by 11% compared with the previous quarter. Last week, the Commons Treasury Committee heard evidence suggesting that the buy-to-let sector could be particularly hard hit by rising mortgage rates.
Mortgage rates have climbed as the Bank of England base rate has risen in recent months. There was also a jump in mortgage rates amid the market turmoil which followed the mini-budget earlier this autumn.
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