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The Council of Mortgage Lenders (CML) warn against complacency as a large number of households still remain vulnerable
The CML has reported that there were 9,800 repossessionsin the first quarter of this year, down from 10,600 in the previous quarter and 13,200 in the first quarter of 2009. The proportion of mortgages in arrears over the same period also fell with the number of loans in arrears down from 206,800 at the end of the first quarter of 2009, and 196,400 at the end of last year to 186,300.
However, the fall in arrears was more marked in the lower arrears bands than among those with more substantial arrears. The CML suggests that households with more entrenched debt problems are still struggling to restore their financial position and repay arrears. The CML strongly emphasised the need for ongoing commitment from Government to supporting home-owners facing financial difficulty, as the risk of higher interest rates or unemployment would tip a number of finely-balanced households who are currently coping into arrears.
The CML have written to the Chancellor, with Shelter and Citizens Advice to encourage a clear commitment in his first budget to extending current support measures for the borrowers in most financial difficulty.
For further information about the arrears and repossessions visit the CML website.
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The CML has reported that there were 9,800 repossessionsin the first quarter of this year, down from 10,600 in the previous quarter and 13,200 in the first quarter of 2009. The proportion of mortgages in arrears over the same period also fell with the number of loans in arrears down from 206,800 at the end of the first quarter of 2009, and 196,400 at the end of last year to 186,300.
However, the fall in arrears was more marked in the lower arrears bands than among those with more substantial arrears. The CML suggests that households with more entrenched debt problems are still struggling to restore their financial position and repay arrears. The CML strongly emphasised the need for ongoing commitment from Government to supporting home-owners facing financial difficulty, as the risk of higher interest rates or unemployment would tip a number of finely-balanced households who are currently coping into arrears.
The CML have written to the Chancellor, with Shelter and Citizens Advice to encourage a clear commitment in his first budget to extending current support measures for the borrowers in most financial difficulty.
For further information about the arrears and repossessions visit the CML website.
More...
