Rate of repossessions is easing, says CML
Fewer homeowners are expected to face repossession this year than had been feared because there is less pressure on people struggling with mortgage repayments, according to a forecast from the Council of Mortgage Lenders (CML).
The CML said that it had revised down its original expectation that 75,000 houses would be repossessed in 2009 to 65,000 to take into account lower interest rates, government intervention and lenders’ forbearance.
The industry body also reduced its estimate for the number of homeowners who would be in arrears of three months or more by the end of the year from 500,000 to 425,000. It added that unemployment would mean that the number of borrowers struggling to meet repayments would continue to increase from last year’s levels, albeit at a slower pace.
The renewed optimism from lenders came as the Department for Communities & Local Government said on Monday that it would double to £1.5 million the funding for free legal advice to those facing repossession.
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