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The CML report that 2014 saw a total of 21,000 repossessions, 26 % less than 2013 which recorded 28,900.
Paul Smee, CML director general, commented
“No-one should be lulled into a false sense of security that the current low interest rates we are experiencing will last forever, though. Rules are in place to ensure lenders assess future affordability, but these are not a substitute for careful borrowing.”
Read the Council of Mortgage Lenders Repossession Report for 2014
Take advantage of our discounted landlord insurance rates
Of the 21,000 properties repossessed in 2014 just 4,900 were BTLs.
The report also showed a fall in mortgage arrears to its lowest rate since 2006, with just 1.05 of all mortgages in arrears.
Paul Smee, CML director general, commented
“No-one should be lulled into a false sense of security that the current low interest rates we are experiencing will last forever, though. Rules are in place to ensure lenders assess future affordability, but these are not a substitute for careful borrowing.”
Read the Council of Mortgage Lenders Repossession Report for 2014
Take advantage of our discounted landlord insurance rates
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