The Council of Mortgage Lenders (CML) has admitted that its repossession figures released earlier this month may have been 'overly pessimistic'. read more
The original forecast predicted by the CML estimated there would be 180,000 arrears cases and 45,000 repossessions by the end of this year; however, the CML believes that the figures could be considerably lower due to newly gathered half yearly data. Cases of arrears have declined significantly since 2009, with the number of borrowers in arrears of between 2.5% and 5% of the outstanding mortgage balance decreasing by over 30%. The CML has yet to confirm whether the forecast will be revised and re-issued due to the new statistics. The CML figures incorporate both purchase and remortgage lenders.