CML: "No surprises" in arrears and possessions

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CML: "No surprises" in arrears and possessions

The Council of Mortgage Lenders (CML) is not surprised by the current numbers of people affected by arrears and property possessions, it has said.

Maintaining its forecast of 45,000 total possessions and 170,000 mortgages in arrears of more than three months by the end of the year, the CML said the numbers were "extremely small" within the total of 11.74 million mortgages in the UK.

The CML said that the "overwhelming majority" of mortgage holders pay mortgages in full every month "and will continue to do so".

Figures given relate only to first mortgages and not to other loans secured on people's homes.

CML director general Michael Coogan said it was "inevitable" that borrowers would come under pressure in the current climate and said: "That's why lenders, government and the advice sector are working closely together to minimise the impact on borrowers."

Record numbers of Britons hoping to emigrate and escape the credit crunch are being thwarted by being unable to sell their UK properties, according to HiFX financial services firm.

It said the number of people enquiring about emigration increased 30 per cent in the year's first half, but the number actually doing it has increased by only ten per cent.

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