The number of UK households that will fall into arrears by the end of the year is likely to exceed forecasts, the Council of Mortgage Lenders (CML) says.
More than 168,000 confirmed cases had been reported by the end of September, it says, just 2,000 short of its 2008 estimate. It says this represents an 8% increase from the figure at the end of June, with nearly 1.5% of mortgages at least three months in arrears. The CML adds 11,300 properties were repossessed in Q3, up from 10,100 in Q2, though it is standing by its prediction of 45,000 repossessions for the year. Buy to let (BTL) was identified by the trade body as one area with particular payment problems, with 1.58% of BTL mortgages in arrears, up from 1.1% in June, an increase bl...
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