Mortgage arrears numbers creep up amid early impact of Covid-19

Jackie Bennett, UK Finance senior adviser, mortgages, said: “The banking and finance industry is working hard to support people during this difficult time, including providing more than 1.6 million mortgage payment holidays and introducing a three-month moratorium on any possessions.” UK Finance’s figures also show 1,070 homeowner-mortgaged properties were repossessed in the first quarter of 2020, 23% fewer than in the same quarter of the previous year. Callum Bilbe, a data and research analyst at UK Finance said: “The figures today highlight the importance of the work that the industry has done so far. Lenders continue to show flexibility to borrowers in financial difficulty and possessionis always a last resort.” He said anyone who is struggling with mortgage payments should visit their lender’s website for more information about the help on offer.