Overall mortgage arrears and possessions continuing to decline.

February 9, 2018

Latest UK Finance – Mortgage Arrears and Possessions Update – February 2018 reveals: There were 82,800 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the fourth quarter of 2017, that is 7% fewer than in the same quarter of the previous year.

Within the total, there were 24,700 homeowner mortgages with more significant arrears (representing 10 per cent or more of the outstanding balance), according to UK Finance. more….

Commenting on the data, Paul Smee, Head of Mortgages at UK Finance said:

“Annual homeowner possessions currently stand at a 36 year low, with overall arrears and possessions continuing to decline. This reflects the mortgage industry’s continued commitment to appropriate and prudent lending.”

“All potential borrowers are carefully assessed against their ability to pay back their loans, and lenders work closely with their customers to ensure that any payment issues are dealt with at an early stage. Anyone experiencing difficulty with their mortgage should contact their provider immediately.”

Read the UK Finance Mortgage Arrears and Possessions Update – February 2018 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.

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