THE number of homes being repossessed in Swindon has soared as people overstretch themselves to get on the property ladder.

Home repossession orders have more than doubled in the town in only 12 months, shock figures have revealed.

Interest rate hikes, discounted mortgages and a blas approach to borrowing have led to owners getting into hot water with repayments.

The county court gave mortgage lenders permission to seize 48 homes in the first three months of the year up from 22 in the same period of 2004. A further 45 suspended orders were made where possession is postponed as long as the homeowner pays off debts and keeps up with mortgage payments.

The total number of possession actions launched by banks, building societies and private lenders against Swindon homeowners jumped from 106 to 147.

The Government figures prompted a warning that repeated interest rate increases are beginning to bite.

The Bank of England's Monetary Policy Committee has increased interest rates five times between November 2003 and August 2004.

Shaun Keating, the branch manager at Connell Estate Agents in Commercial Road, Swindon, said, over the last year, they had seen a 20 per cent rise in repossessions.

"Some of the houses have been in a really bad condition," he said. "I think most of the problem is down to the rise in interest rates."

The interest hikes were introduced in a bid to cool an increasingly over-priced housing market which has led to too many first-time buyers overstretching themselves to get a foot on the property ladder.

And other estate agents in Swindon said they had not heard the word "repossession" whispered so frequently for some time.

The fears were underlined by Swindon Council which, over the last year, has seen nearly a 40 per cent rise in the number of families needing support after their houses were repossessed.

Arlene Griffin, the council housing needs manager, said: "The increase in trend is very worrying because it is a personal tragedy for every family concerned."

Warren Shute, a financial adviser for Lexington Financial Planning, in Dorcan, is warning homebuyers to tread carefully.

"I think people should not be so blas about taking out a mortgage. They must make sure it is affordable," he said.

Nationally, the number of possession actions initiated has jumped by 35 per cent. A total of 25,869 mortgage possession actions were started and 14,048 actual orders granted.

The figures released by the Department of Constitutional Affairs do not reflect the actual number of repossessions after an order has been made, a person can settle their debts and save their home.

However, Swindon-based mortgage lender Nationwide insisted it had bucked the national trend by being prudent about who it lends to. Spokesman Alan Oliver said: "We make loans based on affordability looking at outgoings as well as income.

"As of November the number of loans more than three months in arrears have fallen by 21 per cent and possessions have fallen by 52 per cent from October 2003."

The Adver would like to hear from anyone who has had their home repossessed or is facing the prospect. Call the newsdesk on 01793 501806.

Ben Payne