The continued low interest rates available to homeowners have meant that households have been able to benefit from cheaper monthly payments, and new figures have revealed that the last quarter saw a reduction in the number of repossessions as a consequence.
The Council of Mortgage Lenders has reported a reduction of 400 fewer properties being repossessed from August to October, which was also the lowest figure since 2008. The number of properties in arrears is also at a record low.
Since 2009, when the recession was at its height, repossessions have steadily been in decline. It was then that the Bank of England slashed the base rate to 0.5%, at which it has remained ever since. While there is some speculation about when rates could begin to increase, the most recent outlook suggests that it would be during the first half of next year.
Following the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review in April, fewer mortgages have been approved as lenders have additional regulation to comply with, including a more detailed analysis of borrowers’ income and expenditure. However, the Money Advice Bureau has reported an increase in broker applications, indicating that there is still movement within the housing market.
Professionals who complete their CeMAP training are able to work within the set regulatory guidelines and can then identify and recommend the most appropriate solution in an open and transparent fashion. This ensures that their customers fully understand the mortgage agreement into which they are entering.