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Mortgage arrears now at record lows: CML

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The amount of mortgages in arrears is now 0.84 per cent, the lowest since records began in 1994, according to new figures from the Council of Mortgage Lenders.

The CML says there were 92,500 mortgages in arrears of at least 2.5 per cent at the end of June, down from 95,900 at the end of March.

The percentage of homeloans in arrears is 13.4 per cent lower than June 2015, when the total figure was 106,800.

Repossessions fell in the second quarter of 2016 to 1,900, down from 2,100 in Q1.

This represents a drop in both owner-occupied and buy-to-let repossessions.

Owner-occupier repossessions were 1,300, down from 1,500. Buy-to-let repossessions were 500, compared to 700 in Q1.

CML director general Paul Smee says: “Another welcome reduction in arrears and possessions shows that borrowers are continuing to prioritise their mortgage commitments and that lenders remain committed to helping them through a period of temporary difficulty, wherever possible.

“As ever, the key to success in dealing with any payment problems is to address them as soon as possible. Any borrowers anticipating difficulty in paying their mortgage should therefore speak to their lender at the earliest opportunity.”

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