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:
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.”
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