You are here: Home - News -

Mortgage arrears and repossessions decline

by:
  • 08/09/2003
  • 0
Mortgage arrears and house repossessions continued to fall in the first six months of this year desp...

Mortgage arrears and house repossessions continued to fall in the first six months of this year despite the high level of household debt, according to a report from the Council of Mortgage Lenders.

During this period, 4,270 properties were repossessed by mortgage lenders – 37% fewer than in the first six months of 2002, when 6,850 repossessions occurred.

The number of mortgages in arrears of more than 12 months is also down, falling 20% to 14,440 in the first six months of 2003 compared with the same period a year earlier.

But the report urged borrowers to ensure they are building enough flexibility into their household finances to cope with higher mortgage and other debt payments. It also reminded lenders to exercise prudent lending policies.

The CML figures come in the wake of a warning from the Bank of England’s chief economist, Charles Bean, that UK consumers have made themselves vulnerable to future economic downturns by increased debt levels.

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
LMS Packaging adds five more lenders to its panel

Essex-based LMS Packaging has added Birmingham Midshires, The Mortgage Business, RBS, Mortgage Expre...

Close