Mortgage arrears and repossessions hit new low.

Written by Allen Walkey on - Breaking News -

According to data from UK Finance the number of mortgages in arrears of 2.5% or more of the outstanding balance declined to 88,200 in the second quarter of this year, this figure amounted to 0.8% of the more than 11 million mortgages outstanding in the UK, the lowest level since at least 1994 when this run of data began.

The number of properties taken into possession also declined in the second quarter from 1,900 to 1,800 (accounting for 0.02% of all mortgages).

Commenting on the data, UK Finance head of mortgages Paul Smee said:

“These figures show that the overwhelming majority of borrowers are managing their mortgage payments successfully, and many of those who have experienced some difficulty in the past are able to recover their financial position.  The recent improvement in the number of mortgages with high levels of arrears is particularly welcome.

“Borrowers are being helped by low interest rates, but mortgage costs are certain to rise at some stage.  It is important therefore for customers to plan ahead and consider how their finances would be affected in those circumstances.  As ever, lenders will continue to help borrowers resolve any financial difficulty if possible, so customers should not hesitate to contact their lender if they anticipate any payment problems.”

Read the report from UK Finance dated 10th August 2017 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.

Share
 

Recent Popular Articles


Increasing numbers of first-time buyers help build mortgage activity according to UK Finance


Latest UK Finance news - Update on lending - December 2017. UK Finance estimate gross mortgage lending in November was £23.1 billion, 9 per cent


Property prices up in Wales but transactions slump overall in England and Wales.


The latest LSL Property Services/Acadata England and Wales House Price Index report - April 2018 released 21st May 2018 headlined 'Prices in Wales surge 4.8%


Council makes an unexpected decision


If you felt you were paying too much council tax and made a genuine complaint, then you would definately not expect to make life more


NAEA Propertymark submits it's views to the Treasury ahead of the Autumn Budget 2017


NAEA Propertymark has submitted its views to the Treasury ahead of the Autumn Budget 2017, calling on the Government to exempt first-time buyers from paying


Government help for flood-hit communities


Flood affected communities will not face Council Tax or business rate bills for the homes and businesses they have been displaced from, Greg Clark announced