Rise in mortgage arrears ‘to be expected’

The increase in mortgage arrears in the UK should not come as any surprise, an expert has said.

Co-owner of the Homeowners Advice Centre Chris Jenkins remarked that while the reasons for people getting into trouble have persisted, “there are less companies offering financial help to distressed property owners”.

He stated that despite this, there is no strict correlation between the state of the economy and the number of repossessions.

Mr Jenkins suggested that there may be a sudden “spike” in numbers as court judgements deferring the loss of a house may expire.

Such a situation could be aided by those with debt management issues seeking further assistance.

Mr Jenkins was speaking after housing debt aid specialists Property Portfolio Rescue revealed that its Debt Distress Index has seen a 25.7 per cent increase in enquiries over the past year.

One notable finding was that the increase was 60 per cent in the midlands and the north.

Leave a Reply

Your email address will not be published. Required fields are marked *