moneysupermarket.com: Ministry of Justice repossession figures

Commenting on the Ministry of Justice repossession figures, Louise Cuming, head of mortgages at moneysupermarket.com, said: "Sadly these figures come as no surprise. The rising cost of borrowing and tightening of lender criteria was always going to hit the most vulnerable borrowers hardest and fastest.

"We are experiencing a market correction, and ultimately we will have a stronger mortgage market when we come out of the other side, but in the short term I expect to see further increases in repossessions.

"Anyone finding their mortgage repayments a real struggle should remember final repossession is a long process and lenders have a regulatory requirement to act sympathetically towards borrowers experiencing financial hardship. Anyone worried about their ability to keep on top of their bills should approach all creditors, not just their mortgage lender, as soon as possible and work with all parties to try and put an affordable monthly payment plan together.

"An interesting battle is now underway between the Government and the FSA who are putting pressure on lenders to take a soft line on repossessions, and the lenders (and CML) who are mindful of the need to manage their arrears book and deliver for shareholders."