Repossession rates "not as bad as feared"

08-Dec-2009

First-time buyers looking to assess the mortgage market before stepping on to the first rung of the property ladder might be interested to hear that predicted repossession rates in 2010 are "not as bad as feared".

This is according to Bernard Clarke, spokesperson for the Council of Mortgage Lenders (CML), who was speaking in light of figures released by the Co-operative Bank estimating 50,000 homes will be repossessed next year.

Mr Clarke noted this figure, although "clearly higher than… recent years", was down 25,000 from what the CML had initially thought and credits this with mortgage advisors going to great lengths to help customers.

"Lenders have been looking at every possible way they can extend forbearers to borrowers in difficulty and help them get back on track. Everybody's been helped by low interest rates," he added.

Housing minister John Healey announced on September 29th that rules on lenders taking those in mortgage arrears to court would be tightened, in a bid to keep repossession rates down.

Source: Research: The Council of Mortgage Lenders: Repossession forecasts are not as high as originally feared


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