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The Council of Mortgage Lenders (CML) released its latest statistics showing that the number of mortgage repossessions fell in the second quarter of 2009 and cases of arrears also leveled off. While the numbers are sign of improvement, the Council notes that, as long as the economy is weak and unemployment rising, both sets of numbers will probably rise in the second half of the year. CML member institutions hold approximately 98 percent of all residential mortgage loans in the UK.
The latest numbers show that in the second quarter of 2009 there were a total of 11,400 cases of mortgage repossession, which is less than the 12,700 in the first quarter. A year ago there were 10,000 repossessions in the second quarter.
Additionally, the number of loans in arrears by 2.5 percent or more of the outstanding balance totaled 205,600, or approximately 1.85 percent of all mortgage loans. At the end of the first quarter of 2009 there were 203,900 loans in arrears and there were 139,700 for the second quarter of 2008.
For the first half of 2009, the total number of lender repossessions was 24,100. The CML forecast a total of 65,000 for all of 2009 at the beginning of the year, but is revising that figure downward.
Commenting on our data, the CML's head of policy Jackie Bennett said: "With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010. But today's data shows that lenders are committed to helping borrowers manage their way through temporary payment problems and get their mortgage back on track over time, avoiding possession where possible.”
