Government should delay benefit changes as repossessions fall, says the CML

The number of mortgage repossessions in the second quarter of 2012 declined, according to the Council of Mortgage Lenders. At 8,500, the number of repossessions in the three months to June was the lowest since the final quarter of 2010. The decline in the second quarter, from a total of 9,600 repossessions in the first three months of 2012, was in line with a seasonal pattern we have seen in each of the last three years. Support for Mortgage Interest One of the main reasons why the number of repossessions has been kept low is the Support for Mortgage Interest (SMI) scheme which has ensured nearly 250,000 people have remained in their homes since 2008. However, changes are coming into place next year which will mean not as many people will be able to claim the benefit. The Council of Mortgage Lenders is calling on the government for the temporary arrangements for SMI to be extended for another year. August 10, 2012