Property repossessions record low

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First 3 months of 2016 shows repossessions record low according to Council of Mortgage Lenders data

In the first 3 months of 2016 the number of repossession were 2,100, with 1,500 for homeowners and 600 for buy-to-let and if this continues for 2016 this will be lowest levels since 1982.

Paul Smee, CML director general, said: “We cannot completely avoid the risk of any individual household experiencing arrears or repossession.

“But lenders continue to work very effectively to help their borrowers through periods of difficulty when they do occur, and borrowers should be reassured that most cases of arrears can be resolved and will not lead to repossession.

“The key to dealing with difficulty is to tackle it early, and to communicate with your lender as soon as you think you may be facing problems.”

For the first time in more than a decade the number of mortgages in arrears of more than 2.5% fell below 100,000 at 96,200, down from down from 101,700 at the end of December and 111,200 at the end of the first quarter of 2015.

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Written by: Houseladder