Mortgages in arrears at their lowest quarterly rate on record, says CML
News release from the Council of Mortgage Lenders (CML) published yesterday 11th May 2017 headlined ‘Arrears continued to fall in first quarter, says CML’
According to the CML, the number of mortgages in arrears fell slightly in the first quarter of 2017, and is down on both the previous quarter and a year ago. There were 92,600 mortgages in arrears, representing 0.84% of all mortgages, the lowest quarterly rate on record.
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”.
Read the news release from the CML in full click here.
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