This is according to the latest data from UK Finance, which also reveals that within the total, there were 32,860 homeowner mortgages in the lightest arrears band
There were 93,630 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in Q3 2024, this was 3% fewer than in Q2 2024.
This is according to the latest data from UK Finance, which also reveals that within the total, there were 32,860 homeowner mortgages in the lightest arrears band (representing between 2.5- 5% of the outstanding balance). This was 5% fewer than in the earlier quarter.
There were 13,000 BTL mortgages in arrears of 2.5% or more of the outstanding balance in Q3 2024, 4% fewer than in the previous quarter.
Within the total, there were 5,070 BTL mortgages in the lightest arrears band (representing between 2.5- 5% of the outstanding balance). This was 10% fewer than in the earlier quarter.
Mortgages in arrears accounted for 1.08% of all homeowner mortgages outstanding, and 0.67% of all BTL mortgages outstanding in Q3 2024.
Around 990 homeowner mortgaged properties were taken into possession in Q3 2024, 1% higher than in the previous quarter.
Commenting in the latest figures, Spicerhaart Corporate Sales divisional director David Miller said: It is really positive to see the number of arrears cases declining almost across the board. Not only is a great sign of lenders acting early to support cases, it demonstrates the positive changes we have seen in the market – helping borrowers access products at a better price.
He said: Of course, attention will be on those in the highest arrears band of 10% or more, the only band to see a quarterly rise. With refinancing not always an option and customer vulnerability a clear concern, the hope is that lenders are already engaging with this growing cohort of customers. While options can become more limited in these higher bands, there are opportunities for good outcomes still available, especially through the likes of an assisted sale scheme.
