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Mortgage Arrears: The Facts
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Latest FSA data released in December 2012, and covers previous 6 quarters, so 18 months.
Mortgage arrears have fallen, across all categories, during this time.
-Number of accounts in arrears has fallen by 30,000, down from 332709 to 302166. That's about 2% of mortgages outstanding.
-Arrears have fallen in all categories, including serious arrears
-Number of repossessions has fallen, and stock of repossessed houses held by banks has fallen as well as they are selling more than they are taking back. Repo stock currently held by banks at 14k houses, or about 6 days worth of sales in the UK.
http://www.fsa.gov.uk/static/pubs/other/mlar-stats-1-dec12.xls
Mortgage arrears have fallen, across all categories, during this time.
-Number of accounts in arrears has fallen by 30,000, down from 332709 to 302166. That's about 2% of mortgages outstanding.
-Arrears have fallen in all categories, including serious arrears
-Number of repossessions has fallen, and stock of repossessed houses held by banks has fallen as well as they are selling more than they are taking back. Repo stock currently held by banks at 14k houses, or about 6 days worth of sales in the UK.
http://www.fsa.gov.uk/static/pubs/other/mlar-stats-1-dec12.xls
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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And in other news.....
just 1 in 9 mortgages written is above 4.5 times single income, and just 1 in 20 above 4.5 times joint income.
Number of mortgages written at 90% LTV is 1.88% of total. As at 95% is just 0.44%.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
A market with no new entrants isnt a healthy market though is it Hamish?0
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A market with no new entrants isnt a healthy market though is it Hamish?
FTB lending up 12% in the last year.
Still a long way to go though, what with mortgage rationing forcing over a million people into renting instead of buying over the last few years, but that pent up demand will release eventually.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Latest FSA data released in December 2012, and covers previous 6 quarters, so 18 months.
Mortgage arrears have fallen, across all categories, during this time.
-Number of accounts in arrears has fallen by 30,000, down from 332709 to 302166. That's about 2% of mortgages outstanding.
-Arrears have fallen in all categories, including serious arrears
-Number of repossessions has fallen, and stock of repossessed houses held by banks has fallen as well as they are selling more than they are taking back. Repo stock currently held by banks at 14k houses, or about 6 days worth of sales in the UK.
http://www.fsa.gov.uk/static/pubs/other/mlar-stats-1-dec12.xls
La La La.....not listening.
Now shall we talk about 'forBEARance'
I think....0 -
Now shall we talk about 'forBEARance'
:rotfl:
Very good....
But I doubt there's even four bears left who believe in that red herring..;)“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
It could also be said those with no repayment vehicle are in arrears...we'll find out in the next few years I suppose..
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9632672/Dangerous-legacy-of-1.2m-interest-only-mortgages.html#0 -
It could also be said those with no repayment vehicle are in arrears...
No it couldn't.
Arrears: Money overdue for payment.
It could be said that those without a repayment vehicle will, at some point in the future, have to either remortgage onto a repayment mortgage, sell the house, or find alternative means of funding the payoff such as a pension lump sum.
But until such times as the mortgage ends and repayment is due, they are most certainly not in arrears just because they have not currently got a repayment vehicle.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
You forgot to mention the fact that the proportion of the residential loan book in arrears ROSE over the quarter Hamish?
I cannot quite figure out why you would forget this?
You also forgot to mention that this only covers loans in arrears of 1.5% or more.
And you forgot to mention there was an increase in the number of new arrears cases in in Q3, up by 4% compared to last year.
Oh, and you conviniently forgot to mention the accounts with a "concession". Or, what is more commonly known as "forebearance". See, the amount of accounts under concession has risen from 3.76% of total mortgages, to 4.58% of total mortgages (and thats inside just 9 months). Not surprising when the amount who are under forbearance rises by that much, the figures on arrears start to look better.0 -
Graham_Devon wrote: »you forgot to mention there was an increase in the number of new arrears cases in in Q3, up by 4% compared to last year.
The total number of accounts in arrears at the end of the Q3 was 7% less than the 324,300 accounts in Q3 2011.Oh, and you conviniently forgot to mention the accounts with a "concession". Or, what is more commonly known as "forebearance". See, the amount of accounts under concession has risen from 3.76% of total mortgages, to 4.58% of total mortgages (and thats inside just 9 months). Not surprising when the amount who are under forbearance rises by that much, the figures on arrears start to look better.
Fascinating old boy, would appreciate a link to the place in the doc with those stats along with their definition of "concession".“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
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