Nationalised lender Northern Rock has today reported a pre-tax loss of £724.2 million for the first half of the year, compared with a loss of £585.4 million in the same period a year ago. Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the [...]
The Financial Services Authority (FSA) has reported on its recent review of sub-prime lenders who are closed to new business, and on the third parties they instruct to handle mortgage arrears and repossessions. The study found that both were operating “an approach focused too strongly on recovering arrears without reference to the borrower’s individual circumstances”. [...]
A “devastating” second-wave of arrears and repossessions is set to hit the UK within the next two years, according to a leading housing charity. Shelter has called on the government and mortgage lenders to prepare for hundreds of thousands of repossessions as rising unemployment takes its toll on homeowners. Figures release this week by the [...]
The Council of Mortgage Lenders (CML) has updated its 2009 forecast for the UK housing market, reducing its estimate for repossessions from 75,000 to 65,000. The body, whose members provide 98% of all residential mortgage lending in the UK, explains that while the housing and mortgage markets remain “extremely challenging” existing borrowers are benefiting from [...]
The Government has announced an inquiry into the UK mortgage market, focusing on arrears, repossession and access to mortgage finance. The Treasury Select Committee will undertake the study which will look at the impact of the recession on existing and potential homeowners. MPs will collect lenders’ statistics on current arrears and their forecasts for medium-term [...]
Northern Rock has reported that its home repossessions rose by 63% last year to 3,620. Arrears also soared with 17,264 borrowers three months or more behind with their repayments at the end of 2008, up from 3,492 at the close of 2007. The rise takes the percentage of the bank’s total mortgage book in arrears [...]
Home repossessions rose to 40,000 during 2008, according to data from the Council of Mortgage Lenders (CML). The figure is up 54% on 2007, although 5,000 fewer than forecast. The CML attributes the respite to mortgage lenders making “strenuous efforts” to ensure that repossession is used as a last resort. The body also points out [...]
One in five homeowners could find themselves in negative equity as the recession tightens its stranglehold, the Financial Services Authority (FSA) has warned. House prices could potentially drop by as much as 30% compared to 2007 levels, the FSA said, leaving 2.5 million mortgage holders owing more than the value of their house. This is [...]
The Financial Services Authority (FSA) has reported that the number of home repossessions in the UK rose to 13,161 in the third quarter of 2008. The figure had increased from 11,054 during the second quarter of last year and was up 92% on the same period of 2007. In addition, the regulator found that the [...]
Nearly half of all middle-class mortgage borrowers could be anxious about meeting their repayments during the year ahead. A YouGov poll commissioned for the Conservative party has found that 44% of the country’s wealthier homeowners are harbouring fears of repossession. In addition, 42% of middle-class professionals questioned were worried that they may not be able [...]
The Council of Mortgage Lenders (CML) is predicting that the number of mortgage borrowers three months or more in arrears with repayments will rise to 500,000 in 2009. If so, the number of householders struggling to keep a roof over their heads will more than double, given that 210,000 mortgages are expected to be in [...]
Credit rating agency, Standard & Poor’s (S&P) has reported that the proportion of prime mortgage borrowers that are at least one month in arrears with repayments has risen 50%. Prime borrowers are those with sound credit histories and in its UK Prime RMBS Index for the three months to the end of September, S&P puts [...]
Northern Rock is to follow the lead established earlier this week by Royal Bank of Scotland and not begin repossession proceedings until mortgage borrowers are six months or more in arrears with repayments. The nationalised lender has come in for criticism over its repossession policy. In October, debt charity Credit Action claimed that the bank’s [...]
RBS, which last week completed a fundraising that left the taxpayer as majority owner of the bank, has pledged to allow homeowners in financial difficulties more time to sort out their mortgage arrears. Borrowers with RBS or its NatWest subsidiary will not face repossession proceeding until they are six months in arrears with repayments, rather [...]
The Financial Services Authority (FSA) is threatening to fine banks and building societies that are heavy handed with homeowners who fall into arrears with mortgage repayments. The regulator has written to the chief executives of mortgage lenders, giving them until 31st January to review their policies. The FSA’s managing director of retail, Jon Pain, explains [...]
The pre-budget report presented yesterday by Chancellor of the Exchequer, Alistair Darling, contained good news for homeowners who are falling behind with their mortgage repayments. Lenders have agreed to delay action against borrowers who are in arrears and will not begin repossession proceedings for at least three months. The undertaking comes alongside an existing agreement [...]
Northern Rock has revealed the extent to which its “Together” mortgage, which offered borrowers up to 125% of their property’s value, is putting pressure on its levels of arrears and repossessions. “Together” loans, which were withdrawn in February, are a combination of a mortgage and personal loan. They were particularly popular with first-time buyers who [...]
Latest figures from the Citizens Advice Bureau (CAB) show a steep rise in the number of enquiries about arrears on mortgages or secured loans, over the past three months. The number of people falling behind with their homeloans and seeking help from the charity increased by 51% over the three months to the end of [...]
The UK’s biggest buy-to-let lender, Bradford & Bingley (B&B), has posted a loss of £26.7 million for the six months to the end of June. The result compares with a pre-tax profit of £180.4 million in the same period of 2007. Credit impairment charges for the six months rose to £74.6 million, up from £5.3 [...]
The number of home repossessions rose by 48% in the first six months of the year, to 18,900. When compared with the second half of 2007 the figure is 41% ahead. Latest intelligence from the Council of Mortgage Lenders (CML) also shows an increase in the number of homeowners falling behind with their mortgage payments. [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
