A growing number of Oxfordshire families face losing their homes as the credit crunch pushes up mortgage payments, figures have revealed.
Records published by the Ministry of Justice showed mortgage providers started legal action against 191 households at Oxford County Court in the first three months of this year - a 22 per cent increase on the number of
repossession claims made during the same period last year.
A claim, usually made by a bank or building society, is the first stage of an action to repossess a property, and is followed by the granting of a repossession order, which can eventually lead to eviction.
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The number of repossession orders granted by the Oxford court in the first quarter was 112 - up two per cent on last year.
However, the figures showed better news for north Oxfordshire, with just 51 repossession claims made at Banbury County Court - 15 per cent fewer than last year.
Nationally, repossession claims rose by 16 per cent to 40,442 in the first three months of this year, with orders increasing by 11 per cent to 26,930.
This is [bold]NOT[/bold] due to the 'global' credit crunch- it is simply due to people borrowing beyond their means, and often lying on self- cert mortgages to do so.
The current global financial situtaion has restricted the availability of artificially and irresponsibly cheap credit, it did not push house prices up to 9 or 10 times average earnings; nor did it force people to take out loans they would not be able to pay back if circumstances changed slightly. Interest rates are still very low and employment high- anyone struggling now has foolishly borrowed too much and has not allowed for an increase in interest rates. in the 1990's interest rates reached 15% and unemployment was high, meaning many people faced a huge gap between their income and mortgage payments.
The whole magnitude of the 'global' situation has been magnified so that Gordon Brown can still claim to take the credit for 10 years of global prosperity while not having to shoulder the blame or come up with a solution for the current coming home of the chickens to roost.
You are not 'homeowners'- the house isn't yours unil the last mortgage payment, and unfortunatey, many of you have deluded yourself that you are 'wealthy' in an economy built on consumer debt and house price inflation on a speculative market.
Much of this could have been avoided had Gordon Brown upheld his promise not to allow house prices to spiral, restricting second home or buy to let mortgages, restricting immigration and- in Oxford- further limiting the expansion of the Universities with the consequent degeneration of much of the city into short- term rented slums.
This is NOT due to the 'global' credit crunch- it is simply due to people borrowing beyond their means, and often lying on self- cert mortgages to do so.
The current global financial situtaion has restricted the availability of artificially and irresponsibly cheap credit, it did not push house prices up to 9 or 10 times average earnings; nor did it force people to take out loans they would not be able to pay back if circumstances changed slightly. Interest rates are still very low and employment high- anyone struggling now has foolishly borrowed too much and has not allowed for an increase in interest rates. in the 1990's interest rates reached 15% and unemployment was high, meaning many people faced a huge gap between their income and mortgage payments.
The whole magnitude of the 'global' situation has been magnified so that Gordon Brown can still claim to take the credit for 10 years of global prosperity while not having to shoulder the blame or come up with a solution for the current coming home of the chickens to roost.
You are not 'homeowners'- the house isn't yours unil the last mortgage payment, and unfortunatey, many of you have deluded yourself that you are 'wealthy' in an economy built on consumer debt and house price inflation on a speculative market.
Much of this could have been avoided had Gordon Brown upheld his promise not to allow house prices to spiral, restricting second home or buy to let mortgages, restricting immigration and- in Oxford- further limiting the expansion of the Universities with the consequent degeneration of much of the city into short- term rented slums.
Posted by: Mr Ison, England on 11:50am Sat 10 May 08
Calm down dear,it's just a commercial.
You lose your house due to New Labour donors.
I want to know how the Hoticulturalist community behind Cowley Road are doing,let's see how their garden grows.
As they possibly say in Nippon,Hori-Hori!
Calm down dear,it's just a commercial.
You lose your house due to New Labour donors.
I want to know how the Hoticulturalist community behind Cowley Road are doing,let's see how their garden grows.
Posted by: Mr Ison, England on 12:44pm Sat 10 May 08
Well, we dig dig
dig dig digga dig dig,we work the whole day through.
Well, we dig dig
dig dig digga dig dig,it's what we like to do.
And it ain't no trick to get rich quick
If you dig dig dig, with a shovel or a pick.
In the mines-in the mines,in the mines-in the mines.
Where a million diamonds...Shine.
Mr Blair and his seven cash for policy dwarves have pretty much mined England out.
Well, we dig dig
dig dig digga dig dig,we work the whole day through.
Well, we dig dig
dig dig digga dig dig,it's what we like to do.
And it ain't no trick to get rich quick
If you dig dig dig, with a shovel or a pick.
In the mines-in the mines,in the mines-in the mines.
Where a million diamonds...Shine.
Mr Blair and his seven cash for policy dwarves have pretty much mined England out.
Posted by: jeff scrot, kidlington on 1:34pm Sat 10 May 08
whats all the fuss?I tried working once what a waste of time.Now i spend most of my time in the pub or fishing i think my house is pretty safe the goverment already own it!!and even better they pay me too. Benifits are marevellous i think everyone should have a go.
whats all the fuss?I tried working once what a waste of time.Now i spend most of my time in the pub or fishing i think my house is pretty safe the goverment already own it!!and even better they pay me too. Benifits are marevellous i think everyone should have a go.
These stats are all very interesting, but not every helpful...
The reposessions are quite likely to be buy-to-let properties rather than owner-occupier.
These stats are all very interesting, but not every helpful...
The reposessions are quite likely to be buy-to-let properties rather than owner-occupier.
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