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Mortgage article 23:Sharp Fall in Arrears and Possessions - and More Work Under Way to Improve the Safety Net for Home-Owners

Wednesday 30 January 2002

The number of properties taken into possession by mortgage lenders dropped by some 20% in 2001, 
according to figures released today by the Council of Mortgage Lenders. Fewer than 1 in 625 
mortgages in the UK ended up as a repossession in 2001, compared with 1 in 130 back in 1991 
when repossessions peaked.

The number of mortgages in arrears also fell by nearly 13% in 2001. And virtually all arrears 
categories showed improvements between the first and second half of the year.

The CML has also today released new consumer research showing that 42% of all mortgage holders 
now say they have some form of relevant insurance that would help them to pay their mortgage 
if they became sick. 31% of borrowers say they have mortgage payment protection insurance, 
with 19% saying they have critical illness insurance and 7% permanent health insurance, 
and with some borrowers having more than one type of insurance. Next page

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