Friday, August 8, 2008

CML Press release

No surprises in CML mortgage arrears and possession numbers

The latest data from the Council of Mortgage Lenders show no surprises in terms of the number of mortgage arrears and possessions cases in the first half of 2008. While both have increased from their low base as expected, the overwhelming majority of the UK's borrowers continue to pay their mortgages in full every month, and will continue to do so.The CML is maintaining its forecast of 45,000 total possessions and 170,000 mortgages in arrears of more than three months by the end of the year. These numbers remain extremely small when seen in the context of the 11.74 million mortgages in the UK.The CML numbers relate only to first mortgages, not to other consumer loans secured on people's homes.

Posted by jack c @ 08:35 AM (510 views)
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2 thoughts on “CML Press release

  • Eternal Sceptic says:

    Let’s see how smug and complacent their press release is around Christmas, when the grief has spread everywhichway.

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  • Citywire latest –

    Lenders call for calm as repossessions soar
    By Chris Marshall | 11:33:11 | 08 August 2008

    Mortgage lenders have sought to calm consumer fears, saying that the overwhelming majority of borrowers have continued to pay their mortgages every month, despite their own figures that show the level of possessions at the same level as the late 90s.

    The number of repossessions shot up in the first half of this year to 18,900 cases compared with 12,800 in the first half of 2007.

    The Council of Mortgage Lenders, which published the figures, warned that 45,000 homes would be repossessed by the end of the year and 170,000 mortgages in arrears of more than three months.

    The publication of the figures comes after official figures from the FSA showed that the number of house repossessions climbed by 40% to more than 9000 in the first quarter of the year.

    Lenders have come under attack for their treatment of struggling home-owners during the down turn, but commenting on the latest figures, the CML’s director general Michael Coogan said that they were working with the government and the advice sector to working closely together to minimise the impact on borrowers.

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