29 July 2014

Arrears have shot up, but the forecast number of repossessions has been cut - and the Government announced more free debt counselling for those faced with losing their homes.

The Financial Services Authority revealed that arrears soared by over one third in the space of a year, and by 6% since last December, to reach 399,000 in the first quarter of this year.

But the Council of Mortgage Lenders has cut its forecast for repossessions for 2009 by 10,000, from 75,000 to 65,000.

It says while conditions in the housing and mortgage markets remain extremely challenging, borrowers are gaining from lower interest rates while government interventions to provide support for struggling home-owners are working.

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