Mortgage repossessions data

ended 19. May 2022

In about 10 minutes, the latest mortgage and landlord r(e)possessions data is being published >> here <<. Few Qs, and feel free to wait to see the data or not:

  • Are you seeing more homeowners struggle? Or the signs that they are?
  • What do people need to do if they are struggling with their mortgage payments?
  • In your experience, are landlords having to increasingly take action as tenants struggle?
  • What can tenants do if they are struggling?

Any other insights, drop them down. Deadline is 10:15am.

 

2 responses from the Newspage community

Premium
Joshua Gerstler
Chartered Financial Planner / Owner at The Orchard Practice
"We are not yet seeing borrowers missing mortgage payments. This is because most of them are on fixed rate mortgages and their payments have not changed. However, we are likely to see an increase in missed payments once people reach the end of their fixed rate deals and find that their monthly repayments are now much higher due to the increase in interest rates."
Premium
Scott Taylor-Barr
Financial Adviser at Carl Summers Financial Services
With rising interest rates and inflation doing damage to people's incomes, we are bound to see an uptick in repossessions somewhere along the line. My advice to anyone that finds themselves struggling, however, is always the same - speak to your lender. The earlier you can get the lenders' assistance the easier and less stressful the whole experience will be, lenders have teams setup to help support you with payments, as long as you are prepared to work with them and prioritise your mortgage payments - expect to be asked to cancel non-essentials like Sky TV and Amazon, as well as getting in touch with other lenders you may have, such as; car finance, personal loans and credit card providers to see what they can do to reduce your repayments whilst you get yourself back on an even keel. Please remember that no wants to come and repossess your house, that is the very last thing a lender wants to do, they would rather work with you to find a way to help you pay them back, take them up on that offer of help.