Spicerhaart CS comments on UK Finance arrears and possessions data

07 November 2024

Following the release of the latest mortgage arrears and possessions data from UK Finance, we have a comment from Spicerhaart Corporate Sales.

David Miller, divisional director at Spicerhaart Corporate Sales, said: “It’s really positive to see the number of arrears cases falling almost across the board. Not only is a great sign of lenders acting early to support cases, it demonstrates the positive changes we’ve seen in the market – helping borrowers access products at a better price.

“Of course, attention will be on those in the highest arrears band of 10% or more, the only band to see a quarterly increase. With refinancing not always an option and customer vulnerability a clear concern, the hope is that lenders are already engaging with this growing cohort of customers. While options can become more limited in these higher bands, there are opportunities for good outcomes still available, particularly through the likes of an assisted sale scheme.

“Even with 33,000 borrowers in the highest arrears band, it’s still encouraging to see that just a fraction of those are being repossessed. With the right technology and market partners, along with robust forbearance measures, it’s certainly possible for repossession to remain a last resort and for both the lender and the borrower to still secure a positive outcome.”