Some positive news from the Council of Mortgage Lenders suggests that this year so far, repossessions and mortgage arrears have both reduced. This time last year, repossessions stood at 13,200, compared to the 9,800 for the first quarter of 2010.
Although we are warned not to become complacent as we cannot be certain what lies ahead with our economy. People have lost their jobs but somehow managed to meet mortgage payments due to the continually low interest rates, while some have had help and support from the Mortgage Rescue Scheme. Let?s hope our newly formed Government recognise the importance of helping homeowners to keep a roof over their head.
