As the mortgage market continues to thaw following last year’s ‘ice age’ for mortgage lending, there is further good news for those who may have fallen into mortgage arrears in recent months.
Lenders are more committed than ever to working with debt advisers and mortgage borrowers to ensure that as many people as possible stay in their homes, according to the Council of Mortgage Lenders (CML) in its response to the chancellor’s pre-budget report this week.
“Lenders are determined that possession is a last resort. With earlier and better communication between lenders, consumers and debt advisers, arrears are being managed through the recession and possession action minimised, wherever possible,†said Michael Coogan, director general of the CML.
The Council of Mortgage Lenders recently cut its forecast for the number of house repossessions this year to 48,000, down a third from its original prediction of 75,000 in January.
The CML has also revealed this week that the number of mortgages arranged during October was 55,300, up 9% on September, and nearly 100% since January.
Good news also for first-time buyers, with the number of loans totalling 19,700 in October, up a third since October 2008.
