15.05.2016 Home repossessions

15.05.2016 Home repossessions

With historically low interest rates its no surprise that home repossessions are falling in numbers. As the economy continue to struggle over 1450 lost their homes to lenders, this is in addition to over five hundred buy to let forfeitures. The good news is that the number of loans in arrears are dropping meaning that those who are able to survive the current turmoil are able to keep up with the payments. The borrowers are not alone in this struggle for survival as Darwin would say as they are helped by the banks themselves. As counterintuitive as this appears Banks are siding with the borrower and assist them in any way possible to resolve non payments. Bank are willing to reconsider the terms, temporary reduce the payments and do everything they can to make sure their customers don’t walk away from the long term commitment. The sad news is the rate of rental evictions. In today’s rental market economy more and more people can not afford to rent and getting evicted then people who can not afford to keep up with mortgage repayments. This is a clear example of the fact that house prices and rents are becoming disproportionate to the popular income.

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