Among landlords, 12,610 buy-to-let mortgages were in arrears of 2.5% or more of the outstanding balance in the fourth quarter of 2024 – a 3% decrease compared with the previous quarter and 7% lower compared with the fourth quarter of 2023.
Some 92,170 homeowner mortgages were in arrears of 2.5% or more of the outstanding balance in the fourth quarter of 2024 – 2% fewer than both the previous quarter and the fourth quarter of 2023.
Total home repossessions in the fourth quarter of 2024 were 87% lower than the 13,200 seen in the first quarter of 2009 and 13% lower than the 1,990 seen in the fourth quarter of 2019, just before the coronavirus pandemic.
UK Finance said mortgage lenders continue to offer tailored support to anyone struggling with their mortgage payments and anyone worried about their mortgage payments should reach out to their lender as soon as possible to discuss the options available.
Home repossessions increase but mortgage arrears on ‘downward trend’ The number of homeowners having their property repossessed increased towards the end of 2024, but mortgage arrears now appear to be on a “confirmed downward trend,” according to a banking and finance industry body.
