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News Tag: repossessions

August 11, 2011

CML reports drop in repossessions in Q2

by Kay Mitchell
”CML
The Council of Mortgage Lenders (CML) has today reported a fall in home repossessions. According to the Council, lenders seized 9,000 properties in the April to June period – 100 less when compared with the first three months of the year. Meanwhile, there were 18,100 repossessions in the first half of 2011, compared with compared with 19,500 in the first ...




June 28, 2011

Bank of England: Home repossessions to stay low

by Kay Mitchell
”Bank
According to Sir Mervyn King, the Governor of the Bank of England, a surge in home repossessions is unlikely as UK interest rates are set to remain low. Repossessions have fallen over recent times and many experts have previously argued that homeowners have been saved from repossession because of historically low interest rates, which has driven monthly mortgage repayments down. Giving ...




May 12, 2011

CML reports rise in repossessions

by Kay Mitchell
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 homeowners have been saved from repossession, due to ...




February 10, 2011

CML reports further fall in repossessions

by Kay Mitchell
CML reports further fall in repossessions
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the fifth consecutive quarter in which they have fallen. According to the Council, lenders seized 7,900 properties in the October to December period - an 11% fall from the 8,900 in the previous quarter. It was also 26% lower than the same period a year earlier. Experts argue, though, ...




December 15, 2010

CML provides assessment for housing market in 2011

by Kay Mitchell
CML provides assessment for housing market in 2011
The Council of Mortgage Lenders (CML) is predicting that the housing market will remain subdued in 2011, due to uncertainty surrounding the economy and the ongoing mortgage rationing by lenders. Over recent times, demand has been weak as many buyers have adopted a “wait and see” approach as uncertainty continues to surround the economy and the Government’s spending cuts make ...




November 11, 2010

CML reports further fall in repossessions

by Kay Mitchell
CML reports further fall in repossessions
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions - the fourth consecutive quarter in which they have fallen. According to the Council, lenders seized 8,900 properties in the July to September period - representing a fall of 5% compared with the second quarter. Experts argued, though, that many homeowners have been saved from repossession, due to ...




September 10, 2010

UK’s repossession story not over yet

by Gill Montia
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 by the Coalition Government could "significantly test" ...




August 14, 2010

Debt charity warns of rise in repossessions

by Gill Montia
”Debt
The Consumer Credit Counselling Service (CCCS) has warned of a likely rise in repossessions in 2011. Latest figures from the Council of Mortgage lenders show a fall in the number of homeowners repossessed. However, the CCCS has on its books a number of clients with suspended repossession orders, lenders having shown forbearance and not enforced orders, despite borrowers failing to meet repayments ...




August 12, 2010

CML reports further fall in repossessions

by Kay Mitchell
CML reports further fall in repossessions
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions - the third consecutive quarter in which they have fallen. According to the Council, lenders seized 9,400 properties in the April to June period - 400 less than in January to March period. Experts argued, though, that many homeowners have been saved from repossession, due to historically low interest ...




July 20, 2010

Debt charity warns of impending repossessions rise

by Gill Montia
”Debt
A leading debt charity has warned that repossessions could increase, despite a rallying of the UK economy. The Consumer Credit Counselling Service (CCCS) believes that a recovering housing market could make lenders less lenient and more likely to repossess. The charity is aware that a "large number" of its clients have suspended repossession orders on their homes, which lenders have chosen not ...




July 13, 2010

Mortgage lenders’ responsibilities redefined

by Gill Montia
...




June 25, 2010

New rules for lenders handling mortgage arrears

by Gill Montia
”New
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 repay the arrears. Payments by customers in financial ...




June 23, 2010

Repossessions fall to two-year low

by Gill Montia
”Repossessions
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%, taking the total number of homeloans in arrears to ...




May 13, 2010

US home repossessions reach record high in April

by Kay Mitchell
US home repossessions reach record high in April
RealtyTrac has revealed the number of homes being repossessed in the US hit a record high in April. The real estate data company said banks took control of 92,432 properties last month - a rise of 1% compared with March but a massive 45% increase compared with a year ago. Meanwhile, there were far fewer new actions against struggling homeowners, said ...




Mortgage arrears and repossession down

by Gill Montia
”Mortgage
Mortgage arrears and repossessions both fell in the first quarter of 2010, according to the Council of Mortgage Lenders (CML). However, the body warns against complacency, "as a large number of households, who are just coping, still remain vulnerable to shocks that may arise from the economic uncertainty ahead". During the first three months of the year, total repossessions stood at 9,800, down from ...




March 18, 2010

Year-end improvement in mortgage arrears and repossessions

by Gill Montia
”Year-end
In its latest round-up of UK mortgage statistics, the Financial Services Authority has reported a fall in the number of homeowners in arrears. In the final quarter of 2009, 378,000 households were behind with their monthly repayments (at a level equivalent to 1.5% of their outstanding balances). The figure is down 4% on the previous quarter and represents 3.42% of ...




February 11, 2010

46,000 homes repossessed in 2009

by Gill Montia
”46,000
Repossessions fell 13% to 10,200 in the final three months of 2009, compared to the previous quarter. The figure, which includes home-owner and buy-to-let mortgage borrowers, was also 2% down on the same period of 2008, according to the Council of Mortgage Lenders (CML). However, for 2009 as a whole, mortgage lenders possessed around 46,000 homes, up 15% on a year earlier but well ...




December 17, 2009

Repossession up but new arrears decline

by Gill Montia
”Repossession
New data from the Financial Services Authority (FSA) show the number of homes being taken back by lenders rising 3% to 13,987 in the third quarter of 2009, compared with the previous three months. However, repossession levels have remained fairly flat in recent months and the figure is almost 6% below the January to March level. Meanwhile, the number of mortgage borrowers ...




November 12, 2009

Lenders cut 2009 repossessions forecast

by Gill Montia
”Lenders
The Council of Mortgage Lenders (CML) has cut its forecast for the number of repossessions in 2009 to 48,000. The estimate is substantially down on earlier forecasts of 75,000 in 2008 and 65,000 in June of this year, and the body says the improvement reflects "lender forbearance, government measures and the beneficial effect of continuing low interest rates". In further good news, CML figures ...




November 4, 2009

Northern Rock sees improvement prior to split

by Kay Mitchell
”Northern
Crisis-torn Northern Rock, which is due to be split after receiving approval from the European Union, provided an upbeat statement after it said that in the three months to the end of September, losses from bad loans being written off had lowered, its costs remained under control and net income had risen. Northern Rock collapsed at the onset of the credit ...