Mortgagee sales less than 0.2% of all mortgages

Mortgagee sales less than 0.2% of all mortgages

The New Zealand Bankers’ Association revealed today that the number of mortgagee sales was less than 0.2% of the total number of mortgages held by New Zealanders.

In 2011 there were 2263 mortgagee sales, compared to over 1.2 million mortgages. “This is a tiny fraction of total mortgage numbers,” said New Zealand Bankers’ Association chief executive Kirk Hope.

While there were five more mortgagee sales across the country in the first quarter of 2012 compared to the previous peak first quarter of 2010, mortgagee sales have actually declined year on year from 3024 in 2009 to 2263 in 2011.

“It’s important to allay any concerns with a few facts. There is no wholesale move to sell people out of their homes.

“Banks work very hard with customers who find themselves in financial difficulty. People who are having trouble should speak to their bank as soon as possible.

“Banks are responsible lenders. Affordability is something all banks consider when making credit decisions. They ask relevant questions about your circumstances and the possibility of any change to those circumstances. It’s in your interests to be up front with banks so they can best help you meet your needs,” said Hope.

ENDS

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