The number of houses being repossessed and mortgages that are in arrears have significantly decreased.
The number of homes that were repossessed has continued to fall in the second quarter of 2014.
The fall in numbers was present across all bands and means that the overall amount of mortgage arrears is at its lowest since the first quarter of 2008.
It was not just the number of mortgage arrears which decreased, as a total number of 5,400 properties were repossessed in the second quarter of 2014, down from 6,400 in the previous quarter. Again, there was a significant change also from last year from 7,600, meaning a total drop of 2,200 in the past 12 months.
CML director general
However, households must be aware that with these drops, lending rates will begin to rise and it is important that borrows bear this in mind and begin to prepare for it.
While this may bring uncertainty to borrowers, there is encouragement in the figures found by CML as they depict that it is possible to deal with financial difficulties.
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