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The Impact of Increased Arrears on UK Mortgage Providers
Datamonitor, April 2009, Pages: 18
As the economic situation deteriorates, more borrowers are falling into arrears on their mortgage repayments. This has led to an increase in repossessions although measures are being taken by lenders and the government to advise those in difficulty and actively help those most at risk. This brief looks at what is being done by all parties to reduce arrears and prevent repossessions.
Scope
- Analyzes increased arrears and repossessions in the UK mortgage market.
- Assesses the advice being offered by lenders to help those falling into arrears.
- Discusses the measures being taken by the government and any shortcomings there may be.
Highlights of this title
The percentage of mortgages three or more months in arrears grew from 1.10% in Q4 2007 to 1.88% in Q4 2008. The fourth quarter of 2008 saw 10,400 repossessions, a decline from the 11,100 seen in Q3 but greater than the 6,900 in Q4 2007.
Voluntary abandonment cases are on the increase. Mortgage providers such as Northern Rock have commented that they have been seeing an increase in cases since the summer of 2008, although the figure does not show up on official repossessions data because no court order has been issued during the process.
The Homeowner Mortgage Support Scheme does not go far enough. Credit Action has warned that the repayment holiday would only bring temporary relief as interest would continue to accumulate and be added to the overall loan. Meanwhile the Income Support for Mortgage Interest Scheme only aids those on long term benefits.
Key reasons to purchase this title
- See how arrears increased in 2008 and discover why consumers fall into arrears through The proprietary Megatrends framework.
- Gain an insight into the strategies being used by your peers to deal with consumers who have fallen into arrears.
- Understand what measures are being taken by the government to prevent borrowers having their homes repossessed.
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