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Mortgage arrears 'improving, but may not sustain'

Monday, 16 August 2010 6:00 PM

There is a "hard core" of borrowers in arrears who have little immediate prospect of any improvement in their ability to pay their mortgages, LandlordZONE.co.uk has said.

The number of properties taken into possession by first-charge mortgage lenders continued to fall in the second quarter of 2010, figures from the Council of Mortgage Lenders have revealed.

Some 9,400 repossessions were recorded during this period, down from 9,800 in the first quarter and 11,800 in the second quarter of 2009.

Tom Entwhistle, director of LandlordZONE.co.uk, said that while the situation seems to be improving, there is little to suggest that the reversal of arrears will be sustained.

"All the indications are that arrears can be contained at roughly the present levels, but certainly there will be no dramatic improvements and there is always the prospect of the situation worsening in the short-term," he added.

This is partly because of low interest rates and a less severe than expected impact of the recession on the jobs market, Mr Entwhistle explained.

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