UK: Mortgage Arrears And Repossessions Booming
The number of UK homes falling three months behind on their mortgages rose by 8.2 per cent over the last quarter, while the number of repossessions was up by 12 per cent.
Data from the Council of Mortgage Lenders show in the three months to the end of September 1.44 per cent of mortgages – or 168,000 homes - were at least three months in arrears.
The CML now predicts the level of homeowners falling into arrears will top 170,000 by the end of the year – ahead of earlier predictions.
Some 54,100 mortgages are six to 12 months in arrears and 20,200 were over 12 months behind on their mortgages.
A total of 11,300 homes were repossessed over the three months – and a total of 45,000 repossessions are now predicted for 2008.
Data from the Council of Mortgage Lenders show in the three months to the end of September 1.44 per cent of mortgages – or 168,000 homes - were at least three months in arrears.
The CML now predicts the level of homeowners falling into arrears will top 170,000 by the end of the year – ahead of earlier predictions.
Some 54,100 mortgages are six to 12 months in arrears and 20,200 were over 12 months behind on their mortgages.
A total of 11,300 homes were repossessed over the three months – and a total of 45,000 repossessions are now predicted for 2008.
