Repossession Numbers at the “lowest ever” say the CML.
The Council Of Mortgage Lenders are a voluntary body that all mortgage lenders are a member. Each Mortgage Lender from the high street or prime to the back street or sub-prime register with them and part of the registration is to report all of their statistics, which include repossessions and court actions that they make on a quarterly basis.
The latest report for the second quarter of 2016 shows a further decline in mortgage arrears making the number of mortgages in arrears the lowest they have been in over 20 years, since the records began.
The numbers however are still quite staggering, there are still 92,500 mortgages in arrears of at least 2.5% of their mortgage balance, however it shows a step in the right direction of Homeowners prioritising their mortgage commitments and suggests that Mortgage Lenders are doing more to help those in difficulty.
It also helps that there are firms like ourselves out there now to help stop mortgage repossession and to stop Homeowners being evicted with the hundreds of Homeowners to which we provide free advice in how to deal with their mortgage Lenders when they threaten eviction.
Conversely, those Homeowners in serious arrears appear to be getting worse, where the number of mortgages that are in arrears of over 10% (of the mortgage balance) actually increased from 23,500 to 23,700.
There has been a further fall in the number of homes actually taken into possession by mortgage lenders from 2,100 in the first 3 months of the year to 1,900 for the second quarter. Many of these evictions could have been avoided had the Homeowners sought advice, however the decline is, in part, due to firms like ourselves that are out there to stop repossession and eviction, helping the Homeowners fight back and secure their homes.
If you are a Homeowner facing difficulty with your mortgage Lender, you only need to get in touch with us and we can advise you of the best course of action to stop your eviction or repossession proceedings.
Contact us if you require expert advice and need to stop repossession of your home.