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August 15, 2009

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UK lenders repossess less homes

THE number of British home repossessions fell in the second quarter, but will almost certainly rise during the second half of the year, the British Council of Mortgage Lenders said yesterday.

The group said that more leniency by lenders to customers who are trying to resolve payment problems and low interest rates helped cut the number of repossessions and level off cases of arrears.

The figures showed that there were 11,400 cases of repossession -- equivalent to one mortgage in 1,000 -- in the second quarter of 2009. That was 10 percent fewer than the first quarter but 14 percent more than the same period a year ago.


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