Mortgage and landlord possession statistics

ended 13. May 2021

DEADLINE IS TIGHT!

At 09:30 this AM, the Office for National Statistics is publishing data on Mortgage and Landlord Possession statistics between January and March of this year.

In your experience, are lenders and landlords now starting to turn the screws on borrowers and tenants who are struggling?

During 2020, there was understandably a degree of restraint and forbearance among lenders and landlords (voluntary or enforced), but has this continued during 2021?

Do you expect to see lenders and landlords get more litigious in the months ahead and are possession numbers likely to increase later this year and next when the Government's furlough scheme ends?

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2 responses from the Newspage community

Legend
Lewis Shaw
Founder & Mortgage Expert at Shaw Financial Services
"The legislation put in place by the Government during the pandemic has seen repossession levels by both mortgage lenders and landlords fall off a cliff. "However now that things are beginning to return to normal, it’s likely we’ll start to see an increase in repossession by mortgage lenders as they return to their normal baseline. "Given the outcome of the pandemic and the way that employment has been affected it’s highly likely that we’ll see a spike in repossessions especially when furlough is stopped and the true economic impact is felt. "Any repossession, be it by a landlord or mortgage lender, is an upsetting time. Where possible, all tenants and homeowners should have sufficient savings, ideally six months of net income, to cover any unforeseen eventualities."
Premium
Robert Payne
Director at Langley House Mortgages
"Lenders and landlords have been forced to be more lenient to borrowers and tenants who are struggling due to the pandemic. We've seen the mortgage payment holidays and the Coronavirus Act (2020), which delays tenants from being evicted, but these protections are short-lived and those still struggling face an uncertain future. "The mortgage payment holiday option ended on 31st March 2021 so those who are still unable to afford their monthly payments have some difficult decisions to make, with the number of mortgage defaults expected to rise. "Whilst borrowers were assured that taking the payment holidays will not affect their future borrowing, it is not clear how lenders will differentiate between those struggling as a result of the pandemic and those who have been unable to manage their finances. "I sadly predict that tenants and borrowers worst hit by the pandemic will see long-lasting damage, with homes repossessed and tenants evicted."