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Trends covering arrears and possessions of property linked to first charge mortgages provided by members.
Published on 19/05/2022
Key data highlights:
Commenting on the data, Eric Leenders, Managing Director of Personal Finance at UK Finance, said:
The number of customers in arrears remains low and fell for the fourth quarter in a row. The number of homeowner mortgages in arrears is now 10 per cent lower than a year ago and buy to let mortgage arrears are 5 per cent lower for the same period. "The first quarter arrears data is therefore largely positive, although energy price and national insurance rises in effect from April will increasingly affect household budgets throughout the rest of the year. In contrast, the fact that the majority of borrowers are on fixed rate mortgages means they are protected from increased borrowing costs should base rate rise further. "The anticipated increase in possessions, as the courts reduce backlogs following the conclusion of the industry moratorium in January, can be seen in first quarter data, although this is from a low base. "Lenders continue to provide tailored forbearance and support to borrowers who need help and will not look to put customers on a repayment plan that they cannot afford so anyone experiencing financial difficulty should contact their finance provider as soon as possible to discuss options available.
The number of customers in arrears remains low and fell for the fourth quarter in a row. The number of homeowner mortgages in arrears is now 10 per cent lower than a year ago and buy to let mortgage arrears are 5 per cent lower for the same period.
"The first quarter arrears data is therefore largely positive, although energy price and national insurance rises in effect from April will increasingly affect household budgets throughout the rest of the year. In contrast, the fact that the majority of borrowers are on fixed rate mortgages means they are protected from increased borrowing costs should base rate rise further.
"The anticipated increase in possessions, as the courts reduce backlogs following the conclusion of the industry moratorium in January, can be seen in first quarter data, although this is from a low base.
"Lenders continue to provide tailored forbearance and support to borrowers who need help and will not look to put customers on a repayment plan that they cannot afford so anyone experiencing financial difficulty should contact their finance provider as soon as possible to discuss options available.
Mortgage Arrears Possessions Update - 19 May 2022
PDF: 183 KB
Spreadsheet: 233 KB
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