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18/12/2008
Mortgage Arrears 'Could Reach 500,000', CML Warns
The number of households more than three months behind in their mortgage repayments could reach 500,000, according to stark figures released today.
The Council of Mortgage Lenders (CML) have warned that despite action taken by the Government and housing industry, 2009 is expected to be a "very tough year" for the UK mortgage market.
The CML added that the looming recession, which would drive up unemployment, could lead to 75,000 repossessions among borrowers.
The latest figures showed gross lending has reached an estimated £14.6 billion in November, a 22% fall from October and a 51% drop from the same month last year.
"Market disruption and continued deterioration of confidence in the economy" was described by the group as the major cause.
CML director general Michael Coogan said: "In looking ahead to the coming year, the housing market will remain extremely subdued and net mortgage lending is likely to turn negative. Repayment problems will worsen against the backdrop of rising unemployment but lenders and government are working to try to reduce the negative impact on borrowers.
"Recent glimmers of light in terms of government intervention to improve conditions to support new lending are helpful, but more will be needed.”
He added: "2009 will be a challenging year, but borrowers who remain in employment will see some benefits in the form of lower mortgage rates."
(JM)
The Council of Mortgage Lenders (CML) have warned that despite action taken by the Government and housing industry, 2009 is expected to be a "very tough year" for the UK mortgage market.
The CML added that the looming recession, which would drive up unemployment, could lead to 75,000 repossessions among borrowers.
The latest figures showed gross lending has reached an estimated £14.6 billion in November, a 22% fall from October and a 51% drop from the same month last year.
"Market disruption and continued deterioration of confidence in the economy" was described by the group as the major cause.
CML director general Michael Coogan said: "In looking ahead to the coming year, the housing market will remain extremely subdued and net mortgage lending is likely to turn negative. Repayment problems will worsen against the backdrop of rising unemployment but lenders and government are working to try to reduce the negative impact on borrowers.
"Recent glimmers of light in terms of government intervention to improve conditions to support new lending are helpful, but more will be needed.”
He added: "2009 will be a challenging year, but borrowers who remain in employment will see some benefits in the form of lower mortgage rates."
(JM)
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24 September 2009
Big Mortgage Lenders Fail To Impress
People are more satisfied with their mortgage lender than a year ago, but the big lenders are still underperforming, according to a new survey from Which? Money.
Big Mortgage Lenders Fail To Impress
People are more satisfied with their mortgage lender than a year ago, but the big lenders are still underperforming, according to a new survey from Which? Money.
18 November 2010
Gross Mortgage Lending Falls
Gross mortgage lending in October was an estimated £12.4 billion, unchanged from September but down 9% from £13.6 billion in October 2009, according to new data from the Council of Mortgage Lenders. This is the lowest October total since 2000 (£9.9 billion).
Gross Mortgage Lending Falls
Gross mortgage lending in October was an estimated £12.4 billion, unchanged from September but down 9% from £13.6 billion in October 2009, according to new data from the Council of Mortgage Lenders. This is the lowest October total since 2000 (£9.9 billion).
14 August 2009
UK Repossession Level Falls
The number of mortgage repossessions fell in the second quarter of the year, while cases of arrears levelled off, according the latest figures published today by the Council of Mortgage Lenders (CML). A combination of factors has helped keep mortgage arrears and possessions in check, despite the recession.
UK Repossession Level Falls
The number of mortgage repossessions fell in the second quarter of the year, while cases of arrears levelled off, according the latest figures published today by the Council of Mortgage Lenders (CML). A combination of factors has helped keep mortgage arrears and possessions in check, despite the recession.
08 February 2008
Home Repossessions On The Rise
The number of people whose homes were repossessed last year rose by more than 20%, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that 27,100 homes were taken over by lenders in 2007 after people fell behind with repayments - the highest figure since 1999.
Home Repossessions On The Rise
The number of people whose homes were repossessed last year rose by more than 20%, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that 27,100 homes were taken over by lenders in 2007 after people fell behind with repayments - the highest figure since 1999.
03 August 2007
Report Reveals Home Repossessions Rise By Third
A report has revealed the number of repossessions has risen by almost 30% in the first half of this year. The Council of Mortgage Lenders (CML) said an estimated 14,000 properties were repossessed in the first six months of 2007. However, the number of mortgages in arrears totalled at 125,000, which is down 3% on the same period last year.
Report Reveals Home Repossessions Rise By Third
A report has revealed the number of repossessions has risen by almost 30% in the first half of this year. The Council of Mortgage Lenders (CML) said an estimated 14,000 properties were repossessed in the first six months of 2007. However, the number of mortgages in arrears totalled at 125,000, which is down 3% on the same period last year.
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