CML Rate Rise Warning

CML Rate Rise Warning.

Despite a drop in the number of homes being repossessed, households are being warned by the Council of Mortgage Lenders (CML) to prepare for rate rises.

In the second quarter 5,400 properties were repossessed, this was down by 1,000 on the previous 3 months and down 2,200 compared with the same point last year.

The number of repossessions reached its lowest level since the quarterly figures began being recorded in 2008. The CML also said that the number of home owners missing repayments was also falling, this would normally lead to a home being repossessed if the owners continued to miss payments.

The number of home owners in arrears of 2.5% and above stood at 131,400 at the end of June, this was the lowest level since 2008.