Mortgage arrears and possessions "large improvement", says Phoebus
07 November 2024
Richard Pike, chief sales and marketing officer at Phoebus Software, said, “These arrears and possessions figures are a very encouraging sign either that people are managing their finances better and coming to terms with slowing levels of inflation, or financial institutions are showing more forbearance in line with Consumer Duty and best customer outcomes. I suspect it’s a bit of both.
“These are a large improvement on the previous quarter’s figures, which saw an 8% increase on possessions of homeowner properties and a fairly high 13% increase in possessions of buy-to-lets. If we get a Base Rate cut later today, I think that the mortgage industry unusually, in recent times, will have another good reason to be positive in terms of both existing customer management and new business volumes.”
