July 30, 2019

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Property repossessions ‘lowest since 1980’

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The variety of properties repossessed within the UK fell to its lowest degree since 1980 final 12 months, business figures present.

There have been 4,580 properties repossessed by mortgage lenders from house owners who have been unable to maintain up with repayments on their house loans.

Low mortgage charges and a much less aggressive angle from lenders has meant low ranges of repossession in recent times.

Mortgage arrears amongst owners have additionally been falling.

Buy-to-let arrears

The figures from UK Finance, which represents lenders, confirmed that the variety of landlords falling behind on mortgage repayments was unchanged within the ultimate quarter of final 12 months in contrast with the identical three months in 2017.

However, inside this group, there was a 7% rise in buy-to-let mortgage holders with vital ranges of arrears, outlined as 10% or extra of the excellent mortgage.

  • Mortgage distress: The owners going through repossession
  • Price of flats fell in England final 12 months, says Land Registry

There are simply over 9 million owners with mortgages within the UK, and so they have been inspired to maintain an in depth eye on their funds.

Jonathan Harris, director of mortgage dealer Anderson Harris, mentioned: “There isn’t any room for complacency. Possessions could also be declining however that may change and debtors must be ready. We suspect that in relation to their funds there are a lot of individuals who do not have a buffer to tide them over ought to they get into problem.

“Interest charges stay at low ranges however there may be at all times an opportunity they might rise. Borrowers should plan forward and think about how they might cope if this occurs.”

Jackie Bennett, director of mortgages at UK Finance, mentioned: “We would at all times encourage anybody with considerations about making their mortgage repayments to contact their lender to debate the choices and help obtainable to them. Repossession is at all times a final resort.”

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