A decline in number of properties taken into possession last year
News release from The Council of Mortgage Lenders (CML) yesterday 9th February headlined ‘Mortgage possessions down again in fourth quarter of 2016’
According to new data from the CML the number of properties taken into possession last year declined by almost 25%, over the course of 2016, the number of mortgages in arrears also fell by 7%.
Commenting on the data, CML director general Paul Smee said: “It is encouraging to see another improvement in arrears and possessions during a year in which borrowers were clearly helped by the downward trend in mortgage rates. But customers do need to be ready for a time when the outlook may not be so benign, with pressure on real incomes increasing and as interest rates begin to move upwards again. As ever, borrowers who fear they may miss a payment should speak to their lender. Lenders remain committed to helping borrowers work through any period of temporary payment difficulty and remain in their home wherever possible”.
Read the CML news release from yesterday in full click here.