March saw a slowdown in second charge mortgage new business, falling 10% by value and 13% by volume compared with the same month in 2017.
Mortgage arrears are at their lowest level since records began in 1994, according to the latest figures from UK Finance.
With the advent of the EU Payment Services Directive (PSD2), lenders can now have greater access to customer data and better insight into more effective repayment plans when borrowers go into arrears. Simon Walker, partner at KPMG, explains
Second charge mortgage repossessions continue to tumble and in 2017 there were 105 homes taken into possession, 27% lower than in 2016.
The number of homeowners with mortgage arrears was down by 7% in the last three months of 2017 compared with the same quarter of the previous year, figures from UK Finance show.
According to new figures from UK Finance, the number of mortgages in arrears fell in the third quarter of 2017 by 2% to 88,300 but repossessions rose.
The amount of time it takes to sell a repossessed home has reduced significantly over the past year, according to Spicerhaart Corporate Sales.
Dave Miller, client account manager at Spicerhaart Corporate Sales, looks at what borrowers in arrears can do to save their homes. Repossession may be the only way out but it is worth looking at what else is available
The number of second charge mortgage repossessions in the second quarter of 2017 went up to 36 from 17 in the first three months of the year, according to the Finance & Leasing Association (FLA).
Mortgage arrears are at the lowest level since at least 1994 when this data started to be recorded, according to UK Finance.