Repossessions going down, new figures show

The number of homes being repossessed in Britain is falling, research from the Council of Mortgage Lenders (CML) has revealed.

Data from the CML indicated that the second quarter of 2009 saw 11,400 homes taken back by lenders, ten per cent less than the 12,700 total for the first three months of the year.

The number of mortgages in arrears was up only slightly, the CML noted, from 203,900 in the first quarter to 205,900.

Lower interest rates and a willingness of many lenders to work out ways people could rearrange their payments have been among the reasons the number of repossessions has been kept down, CML head of policy Jackie Bennett remarked.

She advised householders: “Talk to your lender as soon as possible when difficulties emerge and take advice from an independent money adviser if you have other debts as well as your mortgage.”

This view was backed by head of consumer policy at Citizens Advice Sue Edwards.

Responding to the figures, she advised struggling homeowners to contact their lender “early on” to find a solution before matters get worse.

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