Repossessions on rise

THE number of homes being repossessed has jumped.

Some 700 homeowner properties were seized in the third quarter of 2022 – 15% more than in the previous three months, UK Finance said.

Meanwhile, a total of 390 buy-to-letmortgaged properties were repossessed in the same period, up by 11% compared with the previous quarter.

Mortgage rates have soared after market turmoil sparked by Lettuce Liz Truss’s disastrous spell as PM.

The figures also show 74,440 homeowner mortgages are in arrears of 2.5% or more of their outstanding balance.