Click on the link to read Mike's blog How accurate are last year’s house repossession figures really?

The number of homes repossessed by first charge mortgage lenders for 2010 has fallen to 36,300; this is a drop of 24% on the preceding year.

According to the Council of Mortgage Lenders (CML) repossessions accounted for only 0.3% of all mortgages.

During the fourth quarter, the number of repossessions was 7,900 (down 11% from 8,900 in the third quarter, and down 26% on the 10,700 in the same period a year ago). This was the fifth consecutive quarterly decline in repossessions.

The number of mortgages ending 2010 with arrears of 2.5% or more of the outstanding balance also fell by 13% on the previous year-end, standing at 169,600.

The CML claims that uncertainties about interest rates and the reduction in the rate at which Support for Mortgage Interest is paid (down from 6.08% to 3.63%) could have a bearing on repossessions for this year. Another factor being closely monitored is the reduction in the price that will be paid for properties acquired under the mortgage rescue scheme which is delivered through local authorities.

The CML expects repossessions to climb to 40,000 and arrears to 180,000 mortgage arrears for the coming year.

Anyone concerned about meeting their mortgage repayments should seek professional advice immediately, we have a list of Helpful organisations

If you have had a home repossessed within the past 12 years then you may need to read this article as the debt does not simply go away.

House repossession debt / mortgage shortfall claims

Click on the link to read Mike's blog How accurate are last year’s house repossession figures really?