» Repossessions may not be so bad

Council of Mortgage Lenders revise their figures

Article Published: 19th May 2009

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The Council of Mortgage Lenders has said that they will be adjusting their previous forecast of the amount of home repossessions it had originally announced.

The CML had said it thought that the number would now be less than the 75,000 it had quoted previously. In the first 3 months of 2009 the total number of repossessions, including those for buy to let purchases, was 12,800. During the same time last year the number was 8,500. During the last 3 months of 2008 the number was 10,400.

The number of borrowers suffering in arrears has continued to grow. Many industry insiders are unhappy that the main banks have done very little to hand over to borrowers any savings they could make by keeping interest rates high even though the Bank of England have continued to keep the base rate at 0.5%.

Two year fixed rate mortgages, the most popular with borrowers in the past, have been steadily withdrawn and the ones that are available are not always at a competitive rate.

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