Fewer Britons in mortgage arrears in Q3, says FSA
18 December 2009 14:05:12
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| Britons are battling to get on top of mortgage repayments. |
A study by the Financial Services Authority (FSA) revealed that an average of 395,000 households were in arrears between July and September, which is a 2% drop on the Q2 total.
Furthermore, there were only 46,000 new arrears cases during the three-month period, representing a 10% decline from the previous quarter and a fall of over 30% from the peak at the end of 2008.
The Council of Mortgage Lenders (CML) confirmed the trend, noting that the number of mortgage holders in arrears of 1.5% or more decreased from 2.87% to 2.61% in Q3.
"Arrears and possessions are lower than expected earlier in the year and the majority of the population have been choosing to stay on their standard variable rates or move to trackers," said CML director general Michael Coogan.
The FSA figures also showed that new mortgage advances reached £40bn in the third quarter, which was an increase of 20% on the previous three months.
Last week, the CML announced that the number of loans for house purchases in the UK hit 55,000 in October, representing its highest level since December 2007.
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