News Tag: repossession
January 11, 2010
New research from Shelter suggests that in the past year, up to one million UK households have used credit cards to pay the mortgage or rent.
According to the housing charity, the findings present a disturbing picture of up to a million people taking "desperate measures" to keep the roofs over their heads.
The highest proportion of those afflicted ...
One million use credit cards pay mortgage or rent
by Gill Montia
December 29, 2009
Following a period of consultation, the Government has announced plans to tighten up the law so that no mortgage borrower can have their home repossessed without their lender first obtaining a possession order.
The proposed changes address the outcome of the case of Horsham Properties Limited v Clark and Beech, when borrowers in arrears had an action of trespass brought against them and ...
Government to close repossession loophole
by Gill Montia
November 13, 2009
Courts Minister Bridget Prentice has announced that the Government intends to publish a consultation by the end of the year on tightening up the law so that no lender can sell the home a borrower lives in against their wishes, without first going through the court process.
The consultation follows a particular case in 2008, Horsham Properties Limited v ...
Minister to consult on legal move to halt repossession
by Gill Montia
October 29, 2009
One of the UK's leading sub-prime mortgage lenders has been fined £2.8 million by the Financial Services Authority (FSA) for not treating its customers fairly.
GMAC-RFC has also agreed to repay up to £7.7 million in total, plus interest, to over 46,000 of its mortgage customers.
The FSA says the case sets a precedent in that its investigation at GMAC were ...
New precedent for mortgage lenders treating customers unfairly
by Gill Montia
October 20, 2009
Property Portfolio Rescue (PPR) has published its latest UK distress index, showing a surge in the number of distressed home sellers in major cities in the Midlands and the North.
In the three months to the end of September, the index rose by 60% in these regions, compared with the same period of 2008.
According to the residential landlord, enquiries from ...
Distressed sales surge in Midlands and the North
by Gill Montia
September 16, 2009
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 seen in 2008 has showed signs of ...
Repossessions and new mortgage arrears fall
by Gill Montia
September 15, 2009
Research from the Building Societies Association (BSA) claims that over the last two years, the majority of borrowers who have fallen into arrears with their mortgage repayments have either caught up, or are in the process of catching up.
According to the BSA, 97% of borrowers in financial difficulties have avoided repossession with thirty-three per cent making up their repayments in full, while 41% ...
Mortgage borrowers quash arrears
by Gill Montia
September 8, 2009
The Government is to target areas of England with high levels of repossession with a new advertising campaign, the BBC has reported.
Hotspots include: Barking and Dagenham, Corby, Knowsley, Salford, Newham, Walsall, Redditch, Halton, Sandwell, Wolverhampton, Bolton, Reading, Swindon, Northampton, and Cannock Chase.
Nottingham, Birmingham, Manchester, Liverpool, Sunderland, Wigan, and Kingston-upon-Hull are some of the major conurbations involved in the ...
Government adverts for those on the brink of repossession
by Gill Montia
September 6, 2009
A new government website launched to help people facing repossession was welcomed this week by an industry expert.
Chris Jenkins, co-owner of the Homeowner's Advice Centre, said the new site is a "positive step".
The "easily accessible format" of the site helps people find the advice they need with minimum effort, he added.
The website is designed to be used in conjunction with professional ...
Repossessions advice website a “positive step”
by David Masters
August 31, 2009
Homeowners under threat of repossession and tenants on the brink of eviction have a new resource available at www.direct.gov.uk.
The site now contains articles and videos prepared by the Ministry of Justice, aimed at informing people with both mortgage and rent arrears.
The advice addresses a wide range of problems and is suitable for those who think they may have a problem keeping up their ...
Government updates repossession advice
by Gill Montia
August 21, 2009
In its latest commentary on the UK housing market, the Council of Mortgage Lenders (CML) describes the recovery seen in recent weeks as "fragile" and warns of a "modest dip" towards the end of the year, reflecting seasonal factors.
More positively, second quarter data for arrears and repossessions suggest that fewer borrowers are struggling financially than had been feared, despite a modest ...
Lenders optimistic on arrears and repossessions
by Gill Montia
July 1, 2009
Only six families have been helped by the government's Mortgage Rescue Scheme, housing minister John Healey admitted yesterday.
Set up in January, the £200 million initiative aims to help vulnerable families at risk of having their home repossessed.
Participants in the scheme can choose to have their home bought by the local authorities then rented back to them, or to take out a ...
Mortgage Rescue Scheme saves six homes
by David Masters
June 3, 2009
A Government scheme to aid families in England under threat of repossession has helped only two households since its launch in January.
According to the Department for Communities and Local Government (DCLG), the £285 million package of measures is "designed to prevent some of the most vulnerable families losing their homes and experiencing the trauma of repossession".
It is supposed to bring ...
Mortgage Rescue Scheme helps only two households
by Gill Montia
March 25, 2009
The Guardian has reported on a case in which the Financial Ombudsman Service (FOS) has ruled that a previous homeowner, whose property has been repossessed by their lender, was mis-sold their mortgage in the first place.
According to the newspaper, the ruling could set a precedent that would prevent repossession where it can be shown that a mortgage has been mis-sold.
The ...
Mortgage mis-selling case could impact on repossession
by Gill Montia
March 3, 2009
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 to 2.92%, compared with an industry average ...
Northern Rock arrears and repossessions soar
by Gill Montia
January 22, 2009
Northern Rock, which was nationalised in February of last year, has paid almost all of its 4,500 employees a 10% bonus - an average of £2,000 each.
The bonus fund, which amounts to £8.8 million, has sparked outrage among politicians with Lib-Dem Treasury spokesman Vince Cable, describing the action as extraordinary since millions of people are facing pay cuts or unemployment.
The lender ...
Northern Rock staff receive 10% bonus
by Kay Murchie
January 11, 2009
Two former Bank of England economists have published a report in which they urge the Government to step in and buy the homes of people about to be repossessed, in addition to helping those who are falling behind with their mortgage repayments.
In a work entitled "A truly unconventional monetary policy for the UK", Shamik Dhar and Danny Gabay, who ...
Government should buy homes in danger of repossession
by Gill Montia
December 30, 2008
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 to pay their home loans over the ...
Middle-classes in dread of mortgage arrears
by Gill Montia
December 3, 2008
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 level of repossessions was twice ...
Northern Rock holds back on repossession for six months
by Gill Montia
November 30, 2008
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 that conditions in the UK mortgage market ...
Unfair lenders face FSA wrath
by Gill Montia
