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UK lenders engage borrowers to help stem repossessions

Staff Reporter 1 minute read

Home repossessions continue to rise in the UK but increasing assistance from lenders is expected to result in a better outlook for repossessions in 2009 than expected.

In the first quarter of the year UK lenders made 12,800 repossessions, the Council of Mortgage Lenders (CML) said on Friday.

This compared to 10,400 in the fourth quarter of 2008 and 8,500 for the same quarter last year.

The number of loans with arrears of more than 2.5 per cent of the mortgage rose 62 per cent from the same time last year.

Despite the rising repossession figures the CML believes increasing assistance from lenders will keep repossessions at bay; it expects to revise its annual figure of 75,000 downward in its next update.

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"Lenders genuinely want to help borrowers where borrowers are committed to working with them. It is quite clear that the number of arrears cases is rising far more markedly than the number of repossessions,” said CML director general Michael Coogan.

“Lenders are demonstrably increasing the forbearance they are offering, while many struggling borrowers have gained some breathing space through lower interest rates feeding through to lower monthly payments.”

 

UK lenders engage borrowers to help stem repossessions
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