You are here: Home - Mortgages - Remortgage - News -

Mortgage arrears and home repossessions fall again

0
Written by: Christina Hoghton
11/05/2017
Arrears and possessions continued to fall in the first quarter of 2017, according to lender trade body, the Councl of Mortgage Lenders (CML).

The number of mortgages in arrears fell and is down on both the previous quarter and a year ago, according to the Council of Mortgage Lenders. There were 92,600 mortgages in arrears, representing 0.84% of all mortgages, the lowest quarterly rate on record.

Within the total stock of arrears cases, all arrears bands except the most serious showed a fall. However, the stock of cases with arrears of over 10% of the mortgage balance rose to 26,500. Although this is a small number within the total mortgage market, it does suggest that there is a minority of borrowers for whom arrears are worsening, said the CML.

Double digit fall in possessions

The number of properties taken into possession was also 10% down on a year ago. In total, 1,900 properties were taken into possession, which marks the eighth successive quarter of a repossession rate of just 0.02%.

Paul Smee, CML director general, commented: “This positive picture of mortgage performance is good news, and reflects a continuing benign interest rate and employment environment. However, it is important that borrowers continue to think about the future, and how they would cope with less positive conditions, even if that scenario seems distant.

“Lenders will always work with borrowers to try to help them through the inevitable periods of difficulty that life may throw at them, such as periods of unemployment, illness or relationship breakdown. So anyone facing difficulty should not hesitate to make contact with their lender, who will wish to help them resolve their difficulties and remain in their home wherever possible.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2274555-divorce-pa
Divorce knocks £3,000 off pension income

Divorcees planning to retire this year can expect their annual retirement income to be £3,000 lower than those who’ve never...

Close