According to figures from the Financial Services Authority (FSA), the number of people who had their homes repossessed during the second quarter of 2009 dropped by 9%, The Telegraph reports.
In total, the number of properties repossessed during the second three-month period of the year was 13,610 – almost 1,300 lower than the figure recorded during the previous quarter, but still 23% higher compared with the same period last year.
The FSA also recorded a drop in the number of people falling behind with payments to their mortgage debt, with 51,000 homeowners falling into arrears of at least 1.5% of their outstanding mortgage during Q2 2009. This figure was 14% lower than in the previous quarter.
However, there are 403,000 people currently in arrears on their mortgage debt – and this figure is 30% higher than it was this time last year.
A number of initiatives have been introduced by the Government to help people who are struggling with payments to their mortgage debt. At the same time, lenders are giving borrowers more time to clear their debts and low interest rates are helping to keep debt repayments at an affordable level.
A spokesperson for company Gregory Pennington commented: “Although it`s good news that repossession figures are falling, this is still a big issue in today`s economic climate, and it`s very important that anyone finding it difficult to make their mortgage payments seeks professional advice without delay.”
Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.
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