Mortgage arrears and possessions continue to remain historically low is the headline of the latest news report from UK Finance.
The news report from UK Finance reveals that there were 76,740 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2018, 8 per cent fewer than in the same quarter of the previous year.
Jackie Bennett, Director of Mortgages at UK Finance comments:
“Arrears and possessions are at an all-time historic low since we first started collecting this data over 24 years ago.
“While this is positive, last week’s base rate rise coupled with the disappointing uptake of the Support for Mortgage Interest (SMI) loan could see arrears creeping up in the coming months.
“With well over 90% of new loans taken out at fixed rates, most recent borrowers will see no immediate impact from the Bank rate increase. However, anyone with concerns about managing their mortgage should contact their lender to discuss the advice and support available. Repossession is always a last resort.”
Read the UK Finance report 9th August 2018 in full click here.
Author: 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.