RTTNews - Friday, a report published by UK's Council of Mortgage Lenders showed that there were 11,400 cases of mortgage possession in the second quarter, down 10% from 12,700 in the first quarter of the year. But, the second quarter level stood above the 10,000 cases of possession in the second quarter of 2008.
CML's head of policy Jackie Bennett said, With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010. But today's data shows that lenders are committed to helping borrowers manage their way through temporary payment problems and get their mortgage back on track over time, avoiding possession where possible.
In the second quarter, there was a modest deterioration in arrears. The level of arrears of three months or more was somewhat higher. At the end of June, the number of three months-plus cases stood at 270,400 compared with 264,700 in the first quarter.
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