The number of mortgage repossession actions in Northern Ireland has jumped by 59 per cent to the highest level in eight years, it was revealed today.
A total of 929 court cases were taken during three months this year against homeowners struggling with repayments, the Courts Service added. Tougher credit conditions, inflation and loss of income have been blamed.
A spokeswoman for the Council of Mortgage Lenders (CML) said: "With the market conditions at the moment we know there are borrowers coming to the end of their cheaper deals, encountering higher payments and not being able to remortgage at a time when household finances are being hit by higher food and fuel prices."
The Court Services said there were 584 writs and summonses from April to June last year compared with 929 during the same period this year. Comparable figures back to 2000 all show lower figures.
Banks are tightening lending conditions and there are fewer cheap credit deals available.
The CML spokeswoman added: "Clearly some borrowers are struggling with this and not able to cope.
"They should talk to their lender as soon as possible, the earlier they do make contact the more opportunities there are to find a solution to it."
Not all cases lead to eviction or repossession. A court may grant an order for repossession but even then a compromise can be negotiated.
The average house price in Northern Ireland is £159,637.
The number of loans for house purchase is down a quarter this year, with first-time buyers accounting for the lowest proportion on record.
House prices grew 44 per cent between 2006 and 2007, the highest level in the UK in that time period and the highest ever in Northern Ireland.