Home repossessions fell last year.

Home repossessions falling is, at last, a glimmer of some good news.  There has also been some good news for buyers trying to buy their first home. With the price of buying a home easing slightly, especially in London

Lower levels of home repossessions in recent years.

Industry figures show that the number of homes repossessed in the UK fell to its lowest level since 1980 last year.

Although, at least 4,580 home owners saw their properties repossessed by mortgage lenders.

Mortgage lenders, however, have taken a less aggressive attitude for people unable to keep pace with their repayments.  Low mortgage rates have also helped.

Reports also show that fewer home owners are falling behind with their payments.

Arrears in buy to let mortgages.

The figures, from UK Finance, the body who represent lenders, show how landlords mortgage repayments are met.  These figures show that the number of landlords falling behind had remained the same since 2017.

Within this group, however, there was a 7% rise in buy-to-let mortgage holders with significant levels of arrears, defined as 10% or more of the outstanding mortgage.

9 million home owners.

Home owners in the UK are being advised to keep a close eye on their finances. With just over 9 million home owners nationwide, mortgage repayments are top of the priority list.

It has been reported that millions of families are struggling with debt and just keeping themselves afloat.  Experts and institutions, such as The Bank of England, the CAB, and debt advisors have been warning for some time about levels of debt rising.

A lot of this debt is the use of credit cards to pay for basic household expenses and a rise in people unable to afford paymentof councill tax or energy bills.

Jonathan Harris, director of mortgage broker Anderson Harris, said:

“There is no room for complacency. Possessions may be declining but that can change and borrowers need to be prepared. We suspect that when it comes to their finances there are many people who don’t have a buffer to tide them over should they get into difficulty.

“Interest rates remain at low levels but there is always a chance they could rise. Borrowers must plan ahead and consider how they would cope if this happens.”

Jackie Bennett, director of mortgages at UK Finance, said:

“We would always encourage anyone with concerns about making their mortgage repayments to contact their lender to discuss the options and support available to them. Repossession is always a last resort.”

“People struggling with debt should seek help as early as possible.”

This is good advice from a leading debt charity.  Taking the first step is always difficult but it is vital.  There is help out there and solutions that can help, but you need to take the first step towards getting good debt advice.  We have listened to the stories of 1000s of people and are constantly striving to help them.  It is our mission to explore all their options and find a solution to help them become debt free. And what’s more, we have helped 1000s to achieve their goals since 2007, over 11 years of dedicated advice.

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