Small rise in mortgage possessions according to UK Finance

November 10, 2017

In a press release from UK Finance yesterday 9th November 2017 they reveal that: Mortgage arrears fall in the third quarter but possessions edge upwards.

They state: The number of mortgages in arrears of 2.5 per cent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from an historically low level.

Commenting on the data, UK Finance’s Head of Mortgages Policy June Deasy said:

“Even a small rise in mortgage possessions is disappointing but, after a long period of declining numbers, it was inevitable that they would rise again at some stage. Both arrears and possessions remain low by historical standards and look set to be lower for the year than we predicted at the start of 2017.

“We expect the vast majority of mortgage borrowers to continue to manage their finances successfully but they should continue to keep their plans under review. Any customer who thinks they may experience payment difficulty should always speak to their lender at the earliest opportunity. Lenders remain committed to working with borrowers to keep them in their home wherever possible, and possession continues to be the last resort.”

Read the UK Finance press release 9th November 2017 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Letting Agent Talk

5 Essential Tips for Using a Flat Extension Cord Safely at Home

Flat-plug extension cords are considerably safer than their round-plug counterparts due to their flat construction, which allows them to lay firmly on the ground. However, even the safest flat-plug cable can prove hazardous if mishandled. In this guide, we’ll provide a rundown of the five essential tips for safe flat-plug extension cord usage. Scroll down…
Read More →
Letting Agent Talk

Top 7 Eco-Friendly Features to Look for in a Rental Apartment

When choosing an apartment, choosing one that’s better for the environment will pay off in the long run. In the last 10-20 years, sustainable design has been one of the most prominent housing features and many residents are looking to invest in apartments that make a difference for the environment. Energy-efficient apartments, which have eco-friendly…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove House Price Index: Record asking prices driven by pent-up demand

The average price of property coming to the market for sale reaches a new record of £375,131, rising by 0.8% (+£2,807) in the month, as the momentum of the Spring selling season exerts some modest upwards price pressure : The market remains price-sensitive with average asking prices just 0.6% higher than a year ago The…
Read More →
Breaking News

Breaking Property News – 17/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   New digital ecosystem Home set to transform how we move and manage our homes With moving home widely acknowledged as one of life’s most stressful events, pioneering new digital ecosystem Home is set to revolutionise the moving process, for the first time allowing movers…
Read More →
Home and Living

7 Space-Saving Porch Swing with Stand Solutions for Small Yards

Porch swings signify feelings of relaxation and classic properties as they turn an outdoor space into a warm and comfortable haven. Nevertheless, for people living in small yards or with no outdoor area, getting a swing with its own stand is very difficult. The benefit is that these choices come in many different options, which…
Read More →
Letting Agent Talk

Investing in Properties to Let as Airbnbs on the Isle of Wight

The Isle of Wight, a gem located off the southern coast of England, has become a prime destination for holidaymakers seeking a tranquil escape. This growing popularity has opened up lucrative opportunities for property investors, particularly those interested in letting properties as Airbnbs. Here, we delve into the benefits, considerations, and strategies for investing in…
Read More →