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14/08/2009
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.
Lenders are showing forbearance to borrowers where customers are trying to resolve their payment problems and have a realistic chance of doing so.
Low interest rates are helping ensure that arrears grow less quickly, giving borrowers a better chance of getting back on track and lenders more scope to extend forbearance.
Government schemes are providing some help for borrowers in difficulty by promoting early communication between borrowers, lenders and debt advisers.
The CML warned that while today's figures reflect the efforts being made to manage mortgage arrears and avoid possession if possible, there can be no complacency about the potential scale of future payment problems.
While the economy remains weak and with unemployment still growing, arrears and possessions are likely to rise in the second half of the year.
Today's figures mean that the total number of possessions in the first half of 2009 stands at 24,100, compared with CML's forecast for the whole year of 65,000.
CML's Head of Policy Jackie Bennett said: "With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010.
"But today's data shows that lenders are committed to helping borrowers manage their way through temporary payment problems and get their mortgage back on track over time, avoiding possession where possible.
"Clearly, low interest rates are also helping borrowers who are committed to working to resolve their arrears, paying what they can - and when they can - towards their mortgage, and maintaining good communication with their lender."
(GK/BMcC)
A combination of factors has helped keep mortgage arrears and possessions in check, despite the recession.
Lenders are showing forbearance to borrowers where customers are trying to resolve their payment problems and have a realistic chance of doing so.
Low interest rates are helping ensure that arrears grow less quickly, giving borrowers a better chance of getting back on track and lenders more scope to extend forbearance.
Government schemes are providing some help for borrowers in difficulty by promoting early communication between borrowers, lenders and debt advisers.
The CML warned that while today's figures reflect the efforts being made to manage mortgage arrears and avoid possession if possible, there can be no complacency about the potential scale of future payment problems.
While the economy remains weak and with unemployment still growing, arrears and possessions are likely to rise in the second half of the year.
Today's figures mean that the total number of possessions in the first half of 2009 stands at 24,100, compared with CML's forecast for the whole year of 65,000.
CML's Head of Policy Jackie Bennett said: "With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010.
"But today's data shows that lenders are committed to helping borrowers manage their way through temporary payment problems and get their mortgage back on track over time, avoiding possession where possible.
"Clearly, low interest rates are also helping borrowers who are committed to working to resolve their arrears, paying what they can - and when they can - towards their mortgage, and maintaining good communication with their lender."
(GK/BMcC)
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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).
18 December 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.
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.
21 November 2008
Home Repossessions On The Rise, CML Reveal
The number of homes repossessed by mortgage lenders has risen by 12% to 11,300 in the last three months, new figures have shown. The Council of Mortgage Lenders (CML) also said 1.44% of mortgages were at least three months in arrears as at the end of September 2008.
Home Repossessions On The Rise, CML Reveal
The number of homes repossessed by mortgage lenders has risen by 12% to 11,300 in the last three months, new figures have shown. The Council of Mortgage Lenders (CML) also said 1.44% of mortgages were at least three months in arrears as at the end of September 2008.
19 October 2009
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
15 May 2009
75,000 Repossessions This Year 'Now Looks Pessimistic'
There were 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year, according to the Council of Mortgage Lenders (CML). This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008.
75,000 Repossessions This Year 'Now Looks Pessimistic'
There were 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year, according to the Council of Mortgage Lenders (CML). This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
