Tag: repossession

Mortgage rescue scheme criticised by NAO

Mortgage rescue scheme criticised by NAO

The Mortgage Rescue Scheme has been criticised by the National Audit Office (NAO) for missing targets. The Scheme was established by the Labour Government in late 2008 to help struggling homeowners in England facing repossession and allowed people to sell their property to a local authority or housing association but stay on as a tenant. [...]

May 25, 2011 | 0 Comments More
More than 2m using plastic to pay mortgage/rent

More than 2m using plastic to pay mortgage/rent

A report from the homeless charity, Shelter, has revealed that in the last year, 2.6 million Britons have paid their mortgage or rent on their credit card. The figure represents a rise of 50% on the previous year and reveals the extraordinary lengths some are going to in order to keep a roof over their [...]

January 6, 2011 | 0 Comments More
Survey reveals rise in mortgage struggles

Survey reveals rise in mortgage struggles

According to housing charity, Shelter, there has been an increase in the number of mortgage holders who are struggling to meet their monthly repayments. A survey carried out by YouGov shows that three million people are struggling each month with their mortgage repayments - a staggering increase of 80% compared with a year ago. Worryingly, [...]

November 11, 2010 | 0 Comments More
Legal victory for deserted wife facing repossession

Legal victory for deserted wife facing repossession

The Court of Appeal has ruled in favour of a mother under threat of repossession. Jayne Hewett was party to a remortgage of the family home to pay off her husband’s credit card debts. However, unbeknown to her, Mr Hewett was having an affair at the time the loan was arranged. He subsequently moved out, [...]

March 26, 2010 | 0 Comments More
One million use credit cards pay mortgage or rent

One million use credit cards pay mortgage or rent

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 [...]

January 11, 2010 | 0 Comments More
Government to close repossession loophole

Government to close repossession loophole

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 [...]

December 29, 2009 | 0 Comments More
Minister to consult on legal move to halt repossession

Minister to consult on legal move to halt repossession

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, [...]

November 13, 2009 | 0 Comments More
New precedent for mortgage lenders treating customers unfairly

New precedent for mortgage lenders treating customers unfairly

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 [...]

October 29, 2009 | 0 Comments More
Distressed sales surge in Midlands and the North

Distressed sales surge in Midlands and the North

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 [...]

October 20, 2009 | 0 Comments 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 | 0 Comments More
Mortgage borrowers quash arrears

Mortgage borrowers quash arrears

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 [...]

September 15, 2009 | 0 Comments More
Government adverts for those on the brink of repossession

Government adverts for those on the brink of repossession

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 [...]

September 8, 2009 | 0 Comments More
Repossessions advice website a “positive step”

Repossessions advice website a “positive step”

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 [...]

September 6, 2009 | 1 Comment More
Government updates repossession advice

Government updates repossession advice

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 [...]

August 31, 2009 | 0 Comments More
Lenders optimistic on arrears and repossessions

Lenders optimistic on arrears and repossessions

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 [...]

August 21, 2009 | 0 Comments More
Mortgage Rescue Scheme saves six homes

Mortgage Rescue Scheme saves six homes

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 [...]

July 1, 2009 | 0 Comments More
Mortgage Rescue Scheme helps only two households

Mortgage Rescue Scheme helps only two households

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 [...]

June 3, 2009 | 0 Comments More
Mortgage mis-selling case could impact on repossession

Mortgage mis-selling case could impact on repossession

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 [...]

March 25, 2009 | 4 Comments More
Northern Rock arrears and repossessions soar

Northern Rock arrears and repossessions soar

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 [...]

March 3, 2009 | 0 Comments More
Northern Rock staff receive 10% bonus

Northern Rock staff receive 10% bonus

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 [...]

January 22, 2009 | 0 Comments More