Date:Tuesday 14th December 2010
Author: Susanna Kavka
New mortgage figures published by the Financial Services Authority (FSA) show that the number of borrowers in arrears has fallen again.
The report covering the third quarter of 2010 indicated that the total accounts in such a state dropped by two per cent during the time period and stood at 346,000.
It showed that the number of new arrears cases also went down – which is the seventh consecutive quarter that this has happened.
The FSA revealed that the total value of outstanding loans stood at £1,220 billion, which is an increase of less than one per cent compared to the previous three months.
It was also reported that house purchase lending accounted for 64 per cent of new advances.
This week, FSA chief executive Hector Sants made a speech about the upcoming changes to the financial regulation framework in the UK, claiming it is vital future institutions do not allow themselves to be susceptible to “tick box accusations”.