Majority Of UK Mortgage Borrowers In Arrears Avoid Repossession - BSA

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Monday, a study by UK's Building Societies Association revealed that 97% of mortgage borrowers that went into arrears during the last two years have not faced repossession and remain in their homes.

"While falling into mortgage arrears is always a worrying experience for the individuals involved, most borrowers do manage to repay their arrears and stay in their homes," said Paul Broadhead, Head of Mortgage Policy at the BSA.

The research found 33% of borrowers have repaid their arrears in full, 41% are currently repaying their arrears, and 12% have come to an arrangement with their lender but are not yet repaying their arrears. Just 3% had their property taken into possession by their lender.

"The results highlight the importance of borrowers contacting their lender as soon as they face potential payment difficulties, and seeking independent advice. Doing so enables the lender to consider all reasonable options to assist the borrower," Broadhead said.

Monday, a study by UK's Building Societies Association revealed that 97% of mortgage borrowers that went into arrears during the last two years have not faced repossession and remain in their homes. (Market News Provided by RTTNews)