{"id":80403,"date":"2018-02-20T09:32:26","date_gmt":"2018-02-20T02:32:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/32000-households-are-in-mortgage-of-3-months-or-more\/"},"modified":"2018-02-20T10:02:49","modified_gmt":"2018-02-20T03:02:49","slug":"32000-households-are-in-mortgage-of-3-months-or-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/32000-households-are-in-mortgage-of-3-months-or-more\/","title":{"rendered":"32,000 households are in mortgage of 3 months or more"},"content":{"rendered":"


\nA drop in household income and prolonged unemployment or illness are among the common reasons why Singapore households fall into mortgage arrears, revealed the Ministry of National Development.
\nNotably, out of the 405,000 households with outstanding Housing and Development Board (HDB) loans for the past three years, 7.9 percent or around 32,000 households were in mortgage arrears of three months or more.
\n\u201cOf these 32,000 households, almost half are in the 41-55 age group (based on the age of the oldest owner). Another 38 percent are above 55, and the rest are in the 21-40 age bracket,\u201d it said in a written answer to Parliament.
\nAt end-2017, 57 percent of these households or around 18,200 were no longer in mortgage arrears of three months or more.
\nTo help with their mortgage arrears, HDB provides financial counselling to households and refers them to agencies that offer employment, social and financial aid.
\nFor those with temporary financial problems, HDB helps them by \u201creducing or deferring their mortgage installment payments to ease their cash flow\u201d.
\nHDB also helps those with prolonged financial difficulty explore long-term solutions, such as including working adult children as joint owners to help pay with the mortgage installments or right-size to a flat that is within their means.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…32,000 households are in mortgage of 3 months or more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A drop in household income and prolonged unemployment or illness are among the common reasons...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-80403","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-kUP","jetpack-related-posts":[{"id":122313,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-late-payment-charges-suspended-further-until-31-december\/","url_meta":{"origin":80403,"position":0},"title":"HDB late payment charges suspended further until 31 December","date":"October 1, 2021","format":false,"excerpt":"\r HDB late payment charges suspended further until 31 DecemberTo help \u201cease the burden\u201d of those who continue to face challenges due to the COVID-19 pandemic, the Housing and Development Board (HDB) will extend the suspension of late payment charges on mortgage and public rental arrears by another three months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/hdb-mnd-mortgage-rental-arrears-relief-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":140230,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sharp-rise-in-landlords-and-homeowners-in-mortgage-arrears-data-shows\/","url_meta":{"origin":80403,"position":1},"title":"Sharp rise in landlords and homeowners in mortgage arrears, data shows","date":"November 10, 2023","format":false,"excerpt":"\r Number of buy to let mortgages in arrears doubles in a year as amateur landlords struggle with interest rate risesBusiness live \u2013 latest updatesThe number of buy to let mortgages in arrears has doubled in a year while the number of homeowners falling behind on payments has also jumped,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/every-night-is-sleepless-the-people-falling-behind-on-mortgage-repayments\/","url_meta":{"origin":80403,"position":2},"title":"\u2018Every night is sleepless\u2019: the people falling behind on mortgage repayments","date":"October 26, 2023","format":false,"excerpt":"\r With interest rates still high and mortgage arrears at highest levels since 2016, we hear from three people struggling to payWith mortgage borrowers reeling from 14 consecutive Bank of England base rate rises, the number of households falling behind on payments is rising. Mortgage arrears jumped 13% in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30719,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/thousands-of-borrowers-with-mortgage-arrears-could-get-compensation\/","url_meta":{"origin":80403,"position":3},"title":"Thousands of borrowers with mortgage arrears could get compensation","date":"October 19, 2016","format":false,"excerpt":"\r FCA review finds lenders mistakenly collected arrears payments twice from 750,000 customersAround 750,000 struggling mortgage borrowers could be due compensation after the City regulator found lenders had made mistakes in the way arrears were collected.A review by the Financial Conduct Authority looked at how lenders were treating borrowers who\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139158,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-homeowners-tell-us-if-you-got-into-mortgage-arrears-recently\/","url_meta":{"origin":80403,"position":4},"title":"UK homeowners: tell us if you got into mortgage arrears recently","date":"September 13, 2023","format":false,"excerpt":"\r We\u2019d like to hear from homeowners who have fallen behind with their mortgage repayments in recent monthsMortgage arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures, as rising interest rates and unemployment over recent months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139152,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-mortgage-meltdown-looms-amid-terrifying-growth-in-arrears\/","url_meta":{"origin":80403,"position":5},"title":"UK \u2018mortgage meltdown\u2019 looms amid \u2018terrifying\u2019 growth in arrears","date":"September 12, 2023","format":false,"excerpt":"\r Jump in borrowers unable to make payments with landlords particularly hit and \u2018worse to come\u2019 Analysis: will the Bank listen to business and halt rate rises?Mortgage arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/80403"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=80403"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/80403\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=80403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=80403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=80403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}