According to the latest UK Finance data for the second quarter of 2018, mortgage arrears and possessions are at a historic low.
The data shows:
While this new data is capturing the headlines as an “all-time historic low for arrears and possessions”, commentators have cautioned not to be complacent. Indeed, Jackie Bennett, director of mortgages at UK Finance, has stated that arrears could creep up in the coming months due to base rates and the disappointing uptake of the Support for Mortgage Interest Loan.
Other commentators, such as the managing director of Spicerhaart Corporate Sales, Mark Pilling, have stressed there is still the “danger that anyone on a tracker or standard variable rate mortgage would be looking at affordability now that interest rates have increased”.
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