Barnes 020 8876 8811
Existing clients call 020 8876 8811
Chiswick 020 8994 7344
Existing clients call 020 8994 7344

Latest News

New data shows mortgage arrears and possessions are at a historic low

10 August 2018 Written by Sutton Mattocks Category: Blog

Financial services trade body UK Finance has released positive new figures regarding the state of mortgage arrears and possession throughout Britain. The August report highlighted a historic all-time low since the first data collection 24 years ago.

Comparing this second quarter of 2018 against the same quarter of 2017, UK Finance indicated an overall drop in mortgage arrears and possession:

  • Homeowner mortgages: 76,740 were in arrears of 2.5% or more of the outstanding balance - 8% less than in the same quarter of 2017. Within the total, there were 23,190 homeowner mortgages with arrears of 10% or more, a 4% drop from 2017.
  • Buy-to-let mortgages: 4,440 were in arrears of 2.5% or more of the outstanding balance – 6% less than in the same quarter of 2017. Within this, there were 1,080 buy-to-let mortgages with arrears of 10% or more, a 2% increase from 2017.
  • Mortgaged properties: 1,060 homeowner mortgaged properties were taken into possession – 5% less than in the same quarter of 2017. 520 buy-to-let mortgaged properties were taken into possession in the second quarter, a 24% drop from 2017’s quarter.

Despite these statistics, Director of Mortgages at UK Finance, Jackie Bennett, did stress that this may not continue: “While this is positive, last week’s base rate rise coupled with the disappointing uptake of the Support for Mortgage Interest (SMI) loan could see arrears creeping up in the coming months.” The majority of homeowners are now opting to remortgage onto a fixed-rate to create a layer of protection against such rate rises in the short to medium-term. Recent statistics from Mortgage Advice Bureau confirmed over 97% of borrowers fixed their mortgage in June this year. Jackie Bennett concluded that “anyone with concerns about managing their mortgage should contact their lender to discuss advice and support available. Repossession is always a last resort.”

Here at Sutton-Mattocks, our remortgage solicitors provide a professional conveyancing service that includes:

  • ensuring the deeds are in order;
  • advising on the terms and conditions of the new mortgage;
  • ensuring the necessary paperwork is signed and witnessed;
  • handling the repayment of the old mortgage; and
  • registering the new mortgage with the Land Registry.

Contact our Residential Conveyancing Solicitors in Barnes & Chiswick, London

For first-class, specialist advice regarding mortgages or any residential conveyancing matter, do not delay and contact one of our expert conveyancing lawyers today. Fill in our contact form, or phone our Barnes office on 020 3871 8622 or Chiswick on 020 3856 3238.

Efficient, reliable and communicative throughout the whole process.

Make an enquiry

Please let us know your name.
Please let us know your email address.
Please enter a valid telephone number
Invalid Input
Please let us know your enquiry.
Invalid Captcha