16 Dec

More homeowners meeting loan payments as repossessions fall

More homeowners meeting loan payments as repossessions fall

More homeowners who bought properties for sale are succeeding in meeting their mortgage payments after it was reported that the number of repossessions has fallen.

Earlier this week, the Financial Services Authority revealed that during the last seven quarters, there has been a decreasing number of new cases of arrears.

Research found that the number of new possessions in the three-month period had dropped by eight per cent to 9,145, representing the lowest figure since the end of 2007.

Its findings also showed that there have been fewer accounts in arrears over the last year, dropping to 346,000 in the third quarter of 2010.

The proportion of properties that are in debts has dropped as a result of this to 2.97 per cent of the residential loan book.

These results were revealed after the Council of Mortgage Lenders reported that there were 46,000 home loans taken out by people buying houses for sale in Britain in October 2010.ADNFCR-1222-ID-800296676-ADNFCR

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