The Financial Services Authority (FSA) has revealed figures showing that a total of 10,500 home owners saw their house being repossessed in the first quarter of 2010, 11% fewer than the previous three months. As interest rates remained low, there was also a drop in the number of people who fell into mortgage arrears, 40,500 people got into arrears, 2% fewer than the previous quarter.
Around 362,000 mortgage holders in the UK are behind on their repayments but as high as that sounds, the figures are in line with ones published by the Council of Mortgage Lenders (CML). As for new lending, despite looser criterias and lower deposit requirements, only 2% of new advances went to those holding less than 10% as a deposit.
