Tag: mortgage arrears

Shelter reveals repossession hotspots

Shelter reveals repossession hotspots

Homeowners in the London Borough of Barking and Dagenham are most at risk of having their home repossessed, according to housing charity Shelter. There were around eight possession claims per 1,000 homes in Barking and Dagenham in 2011/12, twice as high as the average for the UK as a whole. Shelter’s latest “Repossession Risk Hotspots” […]

June 29, 2012 More
Fewer first-time homeowners seeking debt advice

Fewer first-time homeowners seeking debt advice

The number of first-time homeowners in their twenties seeking help from the Credit Counselling Service (CCCS) fell to 3,008 in 2011, from 4,489 in 2009. The charity, which assists people in financial difficulty by providing free debt advice, suggests this is due to low interest rates. The Bank of England’s base rate has been at […]

June 6, 2012 More
Home repossessions lowest for four years

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, […]

February 9, 2012 More
CML reports rise in repossessions

CML reports rise in repossessions

The Council of Mortgage Lenders (CML) has today reported an increase in repossessions. According to the Council, lenders seized 9,100 properties in the January to March period – a rise of 15% on the previous quarter. However, it was 10% lower when compared with the same period last year. Experts have previously argued that many […]

May 12, 2011 More
UK’s repossession story not over yet

UK’s repossession story not over yet

A leading credit rating agency has warned that government cuts and tax increases could result in a rise in repossessions across the UK housing market. According to Standard & Poor’s (S&P), the house price crash did not bring the average cost of a home in line with household incomes, and measures yet to be implemented […]

September 10, 2010 More
FSA fines Rock’s former finance director

FSA fines Rock’s former finance director

The Financial Services Authority (FSA) has fined David Jones, Northern Rock’s former finance director, for the misreporting of mortgage arrears at the bank. The Watchdog has fined Mr Jones £320,000 and banned him from performing any function in relation to any regulated activity. The fine comes after former deputy chief executive, David Baker, and former […]

July 27, 2010 More
Mortgage Rescue Scheme under threat

Mortgage Rescue Scheme under threat

The Government is to reduce funding for the Mortgage Rescue Scheme, the BBC has reported. The scheme was set up in 2009 to help vulnerable homeowners in England facing repossession, by offering the following options. Government Mortgage to Rent is available to households on low incomes, with little chance of sustaining a mortgage, and involves […]

July 20, 2010 More
New rules for lenders handling mortgage arrears

New rules for lenders handling mortgage arrears

The Financial Services Authority (FSA) has published new rules aimed at protecting vulnerable customers in arrears on their mortgages. From 30th June, homeowners in arrears must be treated fairly by lenders and the following key areas have been confirmed: Firms must not apply a monthly arrears charge where an agreement is already in place to […]

June 25, 2010 More
Repossessions fall to two-year low

Repossessions fall to two-year low

The number of homeowners who saw their properties repossessed by lenders fell to a two-year low in the first three months of 2010. New data from the Financial Services Authority put the total the number of repossessions at 10,500, down 11% on the final quarter of 2009. In addition, new mortgage arrears declined by 2%, […]

June 23, 2010 More
Repossessions and new mortgage arrears fall

Repossessions and new mortgage arrears fall

New research from the Financial Services Authority (FSA) puts the number of homes in repossession in the three months to the end of June at 13,610, representing a 9% fall on the previous quarter. However, the figure is 23% up on the same period of 2008, although the regulator says the sharp rise in repossessions […]

September 16, 2009 More
Repossession rise but lag behind lenders’ forecast

Repossession rise but lag behind lenders’ forecast

The Council of Mortgage Lenders (CML) has reported that repossessions by first-charge mortgage lenders stood at 12,800 during the first quarter of 2009. The total includes buy-to-let loans but excludes instances where a “receiver of rent” has been appointed as an alternative to repossession. The figure compares with 10,400 repossessions in the final quarter of […]

May 15, 2009 More
Home repossessions leap towards 47,000

Home repossessions leap towards 47,000

The Financial Services Authority (FSA) has reported a sharp rise in home repossessions and mortgage arrears. During 2008, lenders repossessed a total of 46,750 properties, up from 27,900 in 2007. Cases of mortgage arrears of three months and more rose 31% over the year, to 377,000. The increase accelerated during the final quarter with around […]

March 17, 2009 More
Leading economist expects 90,000 repossessions this year

Leading economist expects 90,000 repossessions this year

The managing director of economic forecasting agency, Capital Economics, has predicted that mortgage repossessions could rise to 90,000 during 2009. Roger Bootle, a former chief economist of HSBC, made the gloomy forecast earlier this week, when delivering a speech at the Chartered Institute of Housing South East’s Annual Conference and Exhibition, in Brighton. He also […]

March 5, 2009 More