Arrears and possessions of properties linked to first charge mortgages have shown some noticeable trends in the first quarter of 2024. Here’s a simple breakdown of the latest data.
Key Highlights:
- Homeowner Mortgages in Arrears:
- There were 96,580 homeowner mortgages with arrears of 2.5% or more of the outstanding balance. This is 3% more than in the previous quarter.
- Of these, 35,320 mortgages were in the lightest arrears band (2.5% to 5% of the outstanding balance), which is 2% fewer than in the previous quarter.
- Buy-to-Let Mortgages in Arrears:
- There were 13,570 buy-to-let mortgages with arrears of 2.5% or more of the outstanding balance, the same as the previous quarter.
- Within this group, 6,070 mortgages were in the lightest arrears band, 11% fewer than in the previous quarter.
- Percentage of Mortgages in Arrears:
- Mortgages in arrears made up 1.11% of all homeowner mortgages.
- For buy-to-let mortgages, 0.69% were in arrears.
- Property Possessions:
- 870 homeowner properties were taken into possession, 36% more than the previous quarter.
- 600 buy-to-let properties were taken into possession in the first quarter of 2024.
How This Affects You
If you’re a homeowner or a landlord with a mortgage, it’s essential to understand these trends. Staying informed can help you manage your finances better and avoid falling into arrears. If you’re facing difficulties, consider seeking advice early to explore possible solutions.
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Conclusion
Understanding mortgage arrears and property possession trends is crucial for both homeowners and landlords. With a slight increase in arrears and possessions in the first quarter of 2024, staying proactive is key. And if you need to sell your property, don’t hesitate to reach out to Angel Properties for expert assistance. Visit www.angelproperties.uk today to get started.
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Original article: https://www.ukfinance.org.uk/data-and-research/data/arrears-and-possessions
