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News
21/11/2008 13:17:16
CML issues mortgage report
The Council of Mortgage Lenders' (CML) first quarterly report into mortgage areas and repossessions has been published, which shows that 1.44 per cent of mortgages were at least three months in arrears as at the end of September 2008.
It is understood that as a result of the worsening global economy, the number of repossessions rose by eight per cent between June and September this year.
"Most borrowers who face payment problems successfully keep their home by working with their lender," said CML director general Michael Coogan.
He added that it is important for people who are worried about mortgage payments to contact their lender as soon as possible, in order to make sure arrears do not build up.
At present the CML states that there are 11.7 million mortgages in the UK, with loans totalling £1.2 trillion.
The Royal Institution of Chartered Surveyors commented that it is hopeful the Bank of England's interest rate cut will have a positive effect on the rate of repossessions and mortgage arrears.
