Thursday, May 13, 2010
Arrears and repo's (bearing in mind interest rates are at historic lows)
Moneymarketing: Repossession fall in Q1 2010
The number of mortgages in arrears and the number of repossessions both fell in the first quarter of 2010, according to the Council of Mortgage Lenders. However, the trade body says people who are only just coping remain vulnerable to any shocks in the economy. Repossessions as a proportion of all mortgages were 0.09 per cent in the first quarter, the same as the previous quarter, and down from 0.12 per cent in the first quarter of 2009. The total number of repossessions was 9,800, down from 10,600 in the previous quarter and 13,200 in the first quarter of 2009.
Posted by jack c @ 02:11 PM (788 views) Add Comment
4 Comments
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1. will said...
...and interest rates are held at a 200 year low - so of course folk will keep paying their cheap mortgages. But what happens when Merv and Ben are forced into raising those rates? And to all of those out there with interest only borrowing - it's renting from the banks.
2. jack c said...
From today's Mortgagestrategy publication
Trade bodies call for home owner support in next Budget
The Building Societies Association and the Council of Mortgage Lenders have called on the new government to make a clear commitment in the emergency Budget to continue to support home owners who are struggling to pay their mortgage. The BSA and the CML, together with Citizens Advice and Shelter, have written to newly appointed chancellor George Osborne and business secretary Vince Cable to make a long-term commitment to those at risk of repossession.
The letter advises the newly formed government that although arrears and repossessions have fallen, this hinges on the low interest rate environment and the current public policy measures.
Adrian Coles, director-general of the BSA, says: “The current support schemes in place were implemented as temporary measures due to finish at the end of the year.
“With a new government in place there is a risk that the schemes could be pulled early, resulting in many home owners being left with no safety net.
“Building societies and mutual lenders are committed to working closely with borrowers in financial difficulty to help resolve their financial situation.
“However, for many home owners, their financial situation remains fragile and they are reliant on support from the government to help them remain in their home.”
He adds: “We believe it is important that these measures remain in place to help those at risk of repossession and that there is a real need to commence work on implementing a long-term support programme.”
Source http://www.mortgagestrategy.co.uk/economy/news/trade-bodies-call-for-home-owner-support-in-next-budget/1011659.article
3. novice pete said...
sounds like they want the real losers to win at the expense of the real winners who will be forced to lose, again.
Whilst the banks sit by and laugh at the mayhem they have created.
4. paul said...
Crunch time.
The UK can't afford to keep bailing the recklessly overborrowed and house prices remain prohibitively high. So far, these two facts have rarely been mentioned in the same paragraph let alone the same article by the mainstream media.
But it is the truth. I just wish the media was a little more objective in their analysis of all of these measures 'to help first time buyers' and 'save hard working famblees from the awful threat of repossession' (otherwise known as 'having to rent').