View more on these topics

Arrears fall to 7-year low

The number of mortgages in serious arrears has fallen again and is at a seven-year low, says the Council of Mortgage Lenders.

There were 113,900 loans in arrears of at least 2.5 per cent of the outstanding balance, down 17.6 per cent on the 138,200 a year earlier. This equates to 1.03 per cent of all outstanding loans.

Of these, 24,400 were in arrears of more than 10 per cent of the outstanding balance, equating to 0.22 per cent of all mortgages.

The proportion of mortgages resulting in repossession in the first quarter was 0.03 per cent, down from 0.06 per cent in the first quarter of last year. The number of repossessions was 3,100, down from 6,400 in the first quarter.

CML director general Paul Smee says: “Although complacency would be misplaced, the underlying picture continues to be one of improvement and a continuing reduction in mortgage arrears and repossessions.

”The message remains the same: don’t delay in contacting your lender if you are experiencing temporary payment problems, as lenders want to help you resolve them, and will only take possession of property as a last resort.”

Recommended

Money-Currency-Coins-Pound-GBP-700.jpg

Zurich and Aegon enhance CI plans

Zurich and Aegon have revamped their critical illness plans, improving their definitions for some of the most claimed for illnesses. Aegon has simplified its heart attack definition by removing the need for specified troponin levels. It has also removed the need for a customer to have three months’ symptoms of multiple sclerosis and has introduced […]

barclays-building-2012-700x450.jpg
1

Banks to plead guilty over forex rigging

Barclays and Royal Bank of Scotland are set to plead guilty this week to charges of rigging the foreign exchange market, with fines running into almost £3bn. The two banks are among the institutions that have been under investigation of manipulation of currency benchmarks since 2013. The Sunday Times reports both are set to accept substantial […]

UK-residential-home-house-property-700x450.jpg

Dragonfly revamps residential refurbishment products

Dragonfly Property Finance has revamped its residential refurbishment products. Previously, the lender capped these loans at 70 per cent LTV, after the deduction of all interest accrued during the term of the loan. But now it has extended it to 75 per cent LTV excluding interest. The loans come with a 2 per cent arrangement […]

Hughes_Rodger_NationalCounties_2015

National Counties appoints new chairman

National Counties Building Society has appointed Rodger Hughes as its new chairman. Hughes is a chartered accountant who was a partner at PricewaterhouseCoopers for 25 years, the final 15 of which he was managing partner. He replaces Polly Williams, who has been in the role since 2010. Commenting on the appointment, chief executive Mark Bogard […]

Health Shield logo - thumbnail

Health Shield launches new and improved health and wellbeing benefits

As part of its commitment to help even more companies improve employee wellness and productivity, award-winning health cash plan and wellbeing provider Health Shield has announced a raft of new and improved health benefits. From early diagnostics, detection and screening services to rehabilitation and the extension of home care support to parents, Health Shield’s range […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now