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CML releases home repossession figures
The Council of Mortgage Lenders has released figures relating to home repossession numbers for 2010. According to the data home repossession numbers fell by 24 percent last year, sliding to 36,300. There was also a fall in the number of people that were in arrears by at least 2.5 percent with their mortgage, which dropped by 13 percent to 169.600.
Many homeowners have managed to face the financial difficulties that could have tipped them over the financial edge because of the rock bottom base interest rate, which has now been at just 0.5 percent for twenty two months. Many of those that had been finding it difficult to make their budgets stretch far enough could have found themselves becoming another repossession statistic last year had it not been for the low interest rate.
The base rate was slashed to just 0.5 percent under the Labour government back in 2008, as the country struggled with the global credit crises and the recession. This move resulted in those with variable rate mortgage seeing their repayments slashed, which has enabled them to more easily keep up with repayments on their mortgage loans thus avoiding repossession proceedings.
However, the Council of Mortgage Lenders has also warned that the number of repossession could increase again this year. The group said that spending cuts would have an impact on the ability of homeowners to meet mortgage repayments due to potential job losses or loss of income. Many believe that the base interest rate may rise significantly over the course of this year, and this is another factor that will affect mortgage repayments sums and the ability of homeowners to pay.
For those that believe they may struggle if and when the base rate increases it may be worth seeking out a good fixed rate mortgage as quickly as possible to avoid the higher repayments that would come with an interest rate rise. This is a move that could help more homeowners to avoid repossessions, as they will be able to budget effectively for their mortgage repayments.
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More about the author of this article
Jatinder Singh, Property Mentor Delegate
A qualified chartered accountant, Jatinder Singh understands more than most about the financial implications of trying to get on the property investment ladder. Land tax, income tax, inheritance tax – using his specialism’s in land and property, Jatinder has helped many Property Mentor course attendees to successfully invest in property. Read more
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