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Arrears at their lowest since Q1 2008

Arrears at their lowest since Q1 2008

 Mortgage arrears and possessions continued to fall in the second quarter of 2014, according to data published by the Council of Mortgage Lenders.

At the end of June, the number of mortgages in arrears of 2.5 per cent or more stood at 1.18 per cent of all mortgages. This had fallen by 0.06 per cent from last year. 

Additionally, there was a fall in numbers across all arrears bands, making the overall total at its lowest since the first quarter of 2008.

A total of 5,400 properties, 0.05 per cent of all loans, were taken into possession in the second quarter, down by 1000 on the year prior. The number of possession cases in 2014’s first half, is the its lowest on record since the second half of 2006. 

Commenting on the data, CML Director general Paul Smee said: "Another fall in arrears and possessions is clearly welcome and shows that borrowers, lenders and money advisers are generally continuing to work well to contain payment problems where they arise, helped by an improving economy and low interest rates. But rates will rise at some stage, of course, and borrowers should be planning for that now.

"We welcome the message from the Bank of England that, when it raises rates, it plans to do so in a series of 'baby steps', matched to a careful assessment of the ability of households to deal with higher borrowing costs. Any borrower anticipating payment problems should talk to their lender as soon as possible. Today's figures continue to show that in many cases it is possible to work through a period of difficulty, with lenders committed to helping borrowers get their finances back on track."

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