But with the potential deterioration of the steel industry repossessions in South Wales and are set to rise, while the repossession rate in Northern Ireland is expected to be 0.27%.
The UK’s mortgage repossession rate will stand at just 0.09% in 2016 as the base is likely to stay low, the mortgage servicing company HML has predicted.
But with the potential deterioration of the steel industry repossessions in South Wales are set to rise, while the repossession rate in Northern Ireland is expected to be 0.27%.
HML predicted 10,326 repossessions, down from the Council of Mortgage Lenders’ December 2015 prediction of 18,000 when a 2016 base rate rise was expected.
Andrew Jones, chief executive of HML, said: “Repossession is an extremely difficult time for any household, and HML works with mortgage providers to identify those at risk and provide support during times of financial difficulty.
“Another year of low repossession rates is welcome – but we shouldn’t ignore the prospect of big increases when interest rates eventually rise.
“Those hit hardest by other financial pressures such as unemployment are at particular risk, and if the UK steel industry deteriorates, we can sadly expect repossessions to increase in communities that are affected.”
