UK Finance’ has reveals that in the third quarter of 2018 there were 77,600 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the third quarter of 2018, 5% fewer than in the same quarter of the previous year.
Within the total, there were 24,090 homeowner mortgages with more significant arrears (representing 10% or more of the outstanding balance). This was unchanged from in the same quarter of the previous year.
In addition, there were 4,660 buy-to-let mortgages in arrears of 2.5% or more of the outstanding balance in the third quarter of 2018, 1% fewer than in the same quarter of the previous year.
Within the total, there were 1,150 buy-to-let mortgages with more significant arrears (representing 10% or more of the outstanding balance). This was 3% greater than in the same quarter of the previous year.
Meanwhile, 1,080 homeowner mortgaged properties were taken into possession in the third quarter of 2018, 19% fewer than in the same quarter of the previous year.
500 buy-to-let mortgaged properties were taken into possession in the third quarter of 2018, 17% fewer than in the same quarter of the previous year.
Jackie Bennett, director of mortgages at UK Finance, said: “It is encouraging that homeowner arrears and repossessions remain at historically low levels, which shows the vast majority of borrowers continue to repay their mortgages in full and on time each month.
“We would always encourage anyone with concerns about making their mortgage repayments to contact their lender to discuss the advice and support available.”