Mortgage arrears climb for first time in six years

One in every 220 mortgage cases showed short-term mortgage arrears of between 3-6 months, in the last six months of 2004, rising from 49,720 in the first half of 2004 to 53,960 in H2 2004, but the number of repossessions and long-term mortgage arrears are still generally flat. The CML recognizes the rise in arrears is still around one-quarter of the number of arrears experienced when the body first began compiling data in 1994 and there were then 190,000 cases in H1 2004. While this suggests some residential property owners may be struggling under the current economic conditions as a ...