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Repossessions rocket 19% as arrears stay low

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15/11/2019
A double-digit rise in repossessions has been recorded by lenders, but fewer borrowers are in arrears
Repossessions rocket 19% as arrears stay low

There was a huge rise in repossessions in the third quarter of 2019, according to UK Finance.

1,330 homeowner mortgaged properties were taken into possession in the third quarter of 2019, 19 per cent more than in the same quarter of the previous year.

And 800 buy-to-let mortgaged properties were repossessed over the period, a massive 40 per cent more than a year earlier.

Arrears remain low

Mortgage borrowers in arrears remained at historically low levels, with the vast majority of borrowers continuing to repay their mortgages in full and on time each month, said the lender trade association.

There were 71,590 homeowner mortgages (0.79 per cent of all residential mortgages outstanding) in arrears of 2.5 per cent or more of the outstanding balance in the third quarter of 2019, nine per cent fewer than in the same quarter of 2018.

Within that total, 22,300 homeowner mortgages are in more significant arrears (representing 10 per cent or more of their mortgage), eight per cent fewer than in the same quarter of 2018.

If you are struggling to meet your mortgage payments, get in touch with your lender, who will work with you to help you get back on track.

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