Fewer mortgage actions in courts as cooling measures, rising rates see more prudent borrowing

SINGAPORE households as a whole appear to be managing household debt well, even as mortgage rates have risen sharply in the last two years. 

The number of mortgage actions filed in court hit a five-year low last year, according to statistics from the Singapore Courts. This comes as household net worth continued to rise despite a slowdown in residential asset value growth. 

A mortgage action refers to an application for one or more reliefs and usually includes claims for: foreclosure; mortgage redemption; sale of the mortgaged property; delivery of possession by the mortgagee; payment of money secured by the mortgage; reconveyance of the property or its release from the security or; delivery of possession to the mortgagee.