The number of people in mortgage arrears has dropped over the course of the last 12 months, according to the latest mortgage figures.
Statistics from the Council of Mortgage Lenders indicate that the total number of people who are between three and six months behind on their mortgage repayments fell six per cent between the close of 2005 and 2006.
Meanwhile, the number of mortgage holders who are in excess of six months behind payments to their mortgage lenders has decreased by 8.5 per cent.
The change means that approximately one in 260 mortgages are now more than six months behind the payment schedule.
Michael Coogan, director-general of the Council of Mortgage Lenders, commented on the figures.
"The arrears picture at the moment is fairly complex," he said.
"On the one hand, the wave of problems caused by previous interest rate rises has now worked through, so recently arrears levels have fallen."
However, the recent rises in interest rates could result in more homeowners getting behind with their mortgage payments in 2007, he predicted.
People who are struggling to pay mortgage repayments in the short term may wish to consider starting a search for a remortgage product, which might enable them to free up some extra cash.
Drop reported in number of people behind with mortgage repayments
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Drop reported in number of people behind with mortgage repayments
Thu, 01 Feb 2007
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