Homeowners are increasingly searching ‘mortgage repossessions’ online, signalling that many are worried about falling behind on their payments, research from Octane Capital has revealed.
Octane Capital measured the number of Google searches of specific terms that took place over the course of the month.
A value of 100 meant a term had peak popularity, with 50 meaning it was half as popular.
Searches for ‘mortgage repossessions’ increased by 49% in October compared with the month before, and by 88% since the start of the year.
However, this came from a low base, as the search score for mortgage repossessions stood at only 19.80 in January.
Google searches for ‘mortgage holiday’ increased month-on-month by 4.4%, to 53.75 in October 2023.
Jonathan Samuels, CEO of Octane Capital, said: “It’s been a testing year for homeowners, and that’s reflected by the increased number looking into mortgage repossessions to find out what happens if they can’t pay.
“One thing’s for sure, going through a repossession process should be a last resort, so if you’re a homeowner worried about falling into arrears and being repossessed then contact your lender as soon as possible.
“They could give you leeway in the form of a payment holiday, or even extend your mortgage term to keep monthly payments lower.
“If you think the only way out is selling your property you’re better doing that yourself to maximise the price, rather than going down the route of a repossession.”
