Member News
8th November 2012The number of people having their homes repossessed by mortgage lenders is down to the lowest level since 2007.
New figures from the Council of Mortgage Lenders show that 8,200 properties were taken into possession in the third quarter, down from 8,500 in the second quarter and 9,600 at the same time last year.
The number of mortgage possessions fell again in the third quarter of 2012, according to data released today by the Council of Mortgage Lenders.
That represents 0.06% in the owner-occupier sector and 0.13% in the buy-to-let sector.
A total of 26,300 properties were taken into possession in the first three quarters of 2012, 8% fewer than in the first three quarters of last year.
CML director general Paul Smee said:
“Our figures show that good communication and effective arrears management by borrowers, lenders and money advisers are helping the vast majority of those with mortgage repayment problems. The rate of repossession has continued to fall and it's clear that lenders want to keep people in their homes.
“Repossession really is a last resort but it's essential for anyone worried about their mortgage to talk to their lender as soon as possible – it is more difficult to resolve problems when they are not tackled early.”