Repossessions fall 24% in 2010
Figures from the Council of Mortgage Lenders show that repossessions by first-charge mortgage lenders in 2010 accounted for just 0.3% of all mortgages at 36,300.
The number was 24% lower than in 2009, while the number of mortgages ending 2010 with arrears of 2.5% or more of the outstanding balance also fell by 13% on the previous year-end, starting at 169,600 - 1.49% of all loans.
Michael Coogan, director general of the Council of Mortgage Lenders, is quoted as saying: "Lenders are continuing to work hard to help their borrowers who face temporary financial difficulties. Anyone worried should contact their lender and seek advice at an early stage from Citizens Advice, Shelter, National Debtline or other local advice agencies."
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