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Mortgages Latest News Repossessions up 50% in the UK

Repossessions up 50% in the UK

Repossessions up 50% in the UK
Latest figures from the Council of Mortgage Lenders (CML) have show that the UK has seen a spike in home repossessions throughout the first three months of 2009, reaching 12,800.

This is a 23% increase compared to the last 3 months of 2008 from 10,400, and up 50% based in the same period in 2008, when the figure stood at 8,500.

The CML has predicted that the amount of repossessed homes in the UK will rise to 75,000 this year, close to doubling the 40,000 recorded in 2008.

CML has now called this forecast “pessimistic” and could change its views as we head further into 2009.

The new figures also showed that the number of mortgages with arrears greater than 2.5% of the balance increased by 12% to 205,300 in the first 3 months of 2009, up from 182,600 seen in the final quarter of 2008, and up 62% on the 127,000 in the first quarter

Chris Tapp, director of debt charity Credit Action described these figures as “pretty ugly”.

Lenders have been put under pressure to help borrowers who find themselves in trouble. Borrowers in danger of having their homes repossessed have been offered help. Another scheme offers to help those who become unable to make mortgage repayments due to temporary loss of income, allowing them to defer payments for up to 2 years.

Last November, many of the big lenders stated that they would provide borrowers with at least 3 months before beginning repossession proceedings, something seen by many lenders as a standard industry practice.

The following month, lenders were notified that they could only gain permissions for repossession by the court if they had first demonstrated that other avenues were explored to avoid resorting to this action.

These possibilities could include a full or part repayment holiday, changing the mortgage type, or lengthening the repayment period.

Michael Coogan, the CML's director general said that lenders are happy to help anyone struggling with mortgage repayments. "Lenders are acutely conscious that behind the statistics are real people, many of whom are affected by the economic downturn and its impacts on unemployment, changes in circumstances and inability to refinance

"While initiatives such as mortgage rescue and the home-owner mortgage support scheme are not appropriate for everyone, they have encouraged more borrowers to discuss their options with lenders and money advisers, which is helpful," he said.
Friday, 15 May 2009 11:29
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