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CML releases repossession figures

May 27, 2009 by admin  
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The Council of Mortgage Lenders released figures last week that showed the level of repossessions in the UK had increased by 50% in the first three months of this year compared to the first quarter of the previous year. The number of repossession is said to have soared to 12,800 in the first three months of the year, and this was up from 10,400 in the previous quarter and from 8,500 in the first three months of 2008.

The numbers reflected an increase of 23% compared to the previous quarter and 50% compared to the first quarter of last year. The Council of Mortgage Lenders has also predicted that the level of repossessions will reach 75,000 over the course of this year, which is close to double the number for last year, which stood at 40,000.

However, the CML has said that this prediction is pessimistic, and it is thought that it may change its mind about these figures as the year continues. Figures have also been released by the Ministry of Justice, and these have shown that there has been a huge drop in the number of lenders that are receiving permission from the courts to take repossession action.

The CML has said that its figures show that there was an increase of 12% in the number of mortgages that were in arrears for at least 2.5% of the mortgage balance in the first three months of this year compared to the final three months of last year, with the number of mortgages in arrears of this level coming in at 205,300 for the quarter compared to 182,600 for the previous quarter.

Other data that was revealed from the report included the number of buy to let investors having their properties repossessed rising during the first quarter of this year, fewer homeowners facing the early stages of repossession as courts cut back on giving lenders permission to take action, and an increase in the number of schemes being launched to try and reduce repossession numbers.

Industry experts are urging homeowners that are in serious arrears to look into the various measures available that could help them to avoid repossession, and lenders are facing mounting pressure to avoid repossession action unless it is as a last resort. It is strongly advised that those that are already in arrears and even those that are facing falling into arrears contact their lender as early as possible, as this could help to avoid repossession action.

There are a number of agencies that can help those that are looking for advice with regards to their arrears, and this includes a number of debt charities and agencies such as the Citizen’s Advice Bureau, which has experts on hand that can provide support, advice, and can even liaise with the lender on the behalf of the borrower. With lenders under pressure to try and cut the number of repossessions and with courts trying to clamp down on repossession action many homeowners could find that their lenders are more sympathetic and willing to help with regards to their situations, which means that it is well worth taking the plunge and talking to the lender rather than letting the problem fester.

Tags: final three months, house market, repossession numbers, repossessions, Mortgages, council of mortgage lenders, Lenders released figures, buy-to-let

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