The number of homeowners struggling with their mortgage repayments declined in the first three months of 2015, the latest figures from the Council of Mortgage Lenders (CML) show.
The beginning of this year saw the smallest number and proportion of mortgages in the most serious arrears since the end of 2008, the CML said.
There were 133,100 homeowners in severe arrears (over three months) on their mortgages between January and March this year, down from 164,200 in the first quarter of 2014. The number was also lower than in the fourth quarter of last year (137,300).
The total number of mortgages in severe arrears saw a decline to 143,300 from 177,000 in the first three and from 147,700 in the last three months of 2014.
Repossessions also decreased quarter-on-quarter and halved compared to a year ago. There were 3,100 repossessions in January to March 2015, compared to 4,200 in October-December 2014 and 6,400 in January-March 2014.
Commenting on the figures, CML director general Paul Smee said:
“Although complacency would be misplaced, the underlying picture continues to be one of improvement and a continuing reduction in mortgage arrears and repossessions. The message remains the same: don’t delay in contacting your lender if you are experiencing temporary payment problems, as lenders want to help you resolve them, and will only take possession of property as a last resort.”
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