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 [...]
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 [...]
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 [...]
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 [...]
A recent High Court ruling means that lenders can, in theory, repossess a home without a court order once only two mortgage payments have been missed. The ruling has led to an outcry among legal professionals and politicians, who are demanding better protection for homeowners. The case involved a buy-to-let mortgage provided by GMAC-RFC and [...]
Prime Minister Gordon Brown has today told parliament that county court judges will be receiving new guidance regarding actions brought by lenders to repossess homes. As Britain slips into recession, mortgage providers will have to demonstrate to the courts that repossession is only being sought where all other options have failed. The new measures will [...]
The downturn in the property market is forcing 60,000 homeowners a month into negative equity. According to the credit rating agency, Standard & Poor’s, research suggests that 335,000 homes will be worth less than their mortgages by the end of October, a rise of 260,000 over four months. If the trend continues, the number of [...]
Credit Action is claiming that Northern Rock’s level of repossessions is twice that of its rivals. The debt charity is calling on the Treasury to intervene and insist that the nationalised lender responds more sympathetically to borrowers who fall behind with their mortgage repayments. It would like the bank to introduce mortgage payment holidays to [...]
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 [...]
Government proposals to kick-start the housing market have prompted a warning from the Law Society. The measures announced this week include help for families who are struggling with their mortgage repayments. Those facing repossession may be eligible for a shared equity or shared ownership scheme, which would allow people to remain in their homes by [...]
The Government is today unveiling a number of measures to help kick-start the UK housing market by offering relief to homeowners in financial difficulties and first-time buyers. Households in England earning less than £60,000 per annum will be helped into home ownership with a loan of up to 30% of a property’s value. The loan [...]
The Government is introducing a £10 million package of measures to support homeowners who may be experiencing difficulties with their mortgage repayments. Debt advice services provided by organisations such as the Citizens Advice Bureau will receive £9 million in extra funding and the money will also be used to expanded access to free legal representation [...]
Latest figures from the Ministry of Justice show a 16% rise in the number of mortgage repossession claims in England and Wales, in the first quarter of the year. While a repossession claim is only the first stage in a legal process and may not end in a homeowner being evicted, the figures show an [...]
Shelter is warning that in 2008, repossessions could rise to the levels seen in the early 1990s. The housing charity is concerned that large numbers of homeowners now have secondary loans on their homes and that Government and industry forecasts for repossessions are too low because they do not take this into account. The secondary [...]
The Centre for Economics and Business Research (CEBR) is predicting a sharp rise in the number of repossessions this year. The economic forecaster is expecting the figure to increase by 23%, to 33,400. CEBR has based its prediction on the rising cost of mortgages, tighter lending criteria that will leave some homeowners struggling to remortgage, [...]
Today’s meeting between the Chancellor of the Exchequer and mortgage lenders is likely to see renewed calls from banks and building societies for the Government to review Income Support for Mortgage Interest payments. Currently, the benefit is only payable when a homeowner has been unemployed for nine months and lenders keen to see measures to [...]
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, [...]
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