Small rise in mortgage possessions according to UK Finance
In a press release from UK Finance yesterday 9th November 2017 they reveal that: Mortgage arrears fall in the third quarter but possessions edge upwards.
They state: The number of mortgages in arrears of 2.5 per cent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from an historically low level.
Commenting on the data, UK Finance’s Head of Mortgages Policy June Deasy said:
“Even a small rise in mortgage possessions is disappointing but, after a long period of declining numbers, it was inevitable that they would rise again at some stage. Both arrears and possessions remain low by historical standards and look set to be lower for the year than we predicted at the start of 2017.
“We expect the vast majority of mortgage borrowers to continue to manage their finances successfully but they should continue to keep their plans under review. Any customer who thinks they may experience payment difficulty should always speak to their lender at the earliest opportunity. Lenders remain committed to working with borrowers to keep them in their home wherever possible, and possession continues to be the last resort.”
Read the UK Finance press release 9th November 2017 in full click here.
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