Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

Why home repossessions are at a record low The number of houses being repossessed by banks plummeted to a record low in the second quarter of this year, according to Zoopla. The Ministry of Justice (MoJ) said the “unprecedentedly low levels” of possessions were due to government measures introduced to help homeowners by forcing lenders to offer mortgage holidays during the coronavirus pandemic. The were no homes repossessed in the three months from April until the end of June, according to the MOJ. The number of mortgage orders for possessions dropped by 96% to just 149. Mortgage possession claims fell by 97% to 161. Landlord possession claims also fell by 89%. The government introduced a number of measures to enable people to stay in their homes even if their incomes were hit by the Covid-19 pandemic after the UK first entered lockdown in March. The Financial Conduct Authority (FCA) advised homeowners and landlords in difficulty to apply for a three-month mortgage payment holiday. The government passed the C