Mortgage repossessions decline in 2nd quarter of 2010.
Article by Paymex 12th Aug 2010 00:00
Figures published by the Council of Mortgage lenders (CML) today show that the number of properties taken into possession by first-charge mortgage lenders continued to fall in the second quarter of 2010.There were 9,400 repossessions (down from 9,800 in the first quarter and 11,800 in the second quarter of 2009).
The number of mortgages behind with payments also fell. As at the end of June there were 178,200 loans with arrears equivalent to 2.5% or more of their mortgage balance. This was 5% lower than at the end of March, and 17% lower than a year earlier.
The decline in payment problems has led the CML to revise its forecasts for arrears and repossessions in 2010 as a whole. The CML now expects 175,000 mortgages to end the year 2.5% or more in arrears, compared with the previous forecast of 205,000. A total of 39,000 repossessions is now forecast for 2010 as a whole, compared with the previous forecast of 53,000.
Baines and Ernst Ltd