Mortgages in arrears fell to 88,200 in the second quarter, the least since records began in 1994 Jason Alden/Getty ImagesRock-bottom interest rates and a booming jobs market have helped to push the number of mortgages in arrears to a record low with repossessions also at their lowest level. Mortgages in arrears fell to 88,200 in the second quarter, the least since records began in 1994, according UK Finance, previously the Council of Mortgage Lenders. The figure means that 0.8 per cent of the 11 million mortgages outstanding in the UK are behind on at least 2.5 per cent of the amount owned. The total was 5 per cent lower than the previous record low seen in the first quarter of this year, when 92,600 homes were in arrears. Paul Smee, head of mortgages at UK Finance, said: “These figures show that the overwhelming majority…

Source: The Times August 10, 2017 23:03 UTC