News Tag: repossessions
March 18, 2010
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 ...
Year-end improvement in mortgage arrears and repossessions
by Gill Montia
February 11, 2010
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 ...
46,000 homes repossessed in 2009
by Gill Montia
December 17, 2009
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 ...
Repossession up but new arrears decline
by Gill Montia
November 12, 2009
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 ...
Lenders cut 2009 repossessions forecast
by Gill Montia
November 4, 2009
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 ...
Northern Rock sees improvement prior to split
by Kay Murchie
Scottish repossessions set to soar
by Gill Montia
August 14, 2009
The Council of Mortgage Lenders (CML) has today announced a fall in the number of homes repossessed in the second quarter of the year compared with the previous three months.
According to the CML, 11,400 homes were repossessed in the second quarter of the year. While this was a rise of 14% compared with the same period in 2008, it was down ...
UK repossessions fall in second quarter
by Kay Murchie
Repossessions expected to soar due to rising unemployment
by Kay Murchie
August 4, 2009
Blighted by its "Together" 125% loan-to-value mortgages, Northern Rock has revealed that residential mortgage accounts over three months in arrears rose to 3.92% in the six months to the end of June.
The proportion compares with a national average of 2.39% and is up from 3.67% at 31st March 2009 and 2.92% at 31st December 2008.
Excluding "Together" loans, residential mortgage ...
Northern Rock “Together” mortgages push up arrears
by Gill Montia
June 24, 2009
The Financial Services Authority (FSA) has reported on its recent review of sub-prime lenders who are closed to new business, and on the third parties they instruct to handle mortgage arrears and repossessions.
The study found that both were operating "an approach focused too strongly on recovering arrears without reference to the borrower's individual circumstances".
Failings included being too ready to take ...
Sub-prime lenders too focused on recovering arrears
by Gill Montia
June 23, 2009
A "devastating" second-wave of arrears and repossessions is set to hit the UK within the next two years, according to a leading housing charity.
Shelter has called on the government and mortgage lenders to prepare for hundreds of thousands of repossessions as rising unemployment takes its toll on homeowners.
Figures release this week by the Financial Services Authority (FSA) show that repossessions have ...
Repossessions set to escalate, warns Shelter
by David Masters
June 22, 2009
The Council of Mortgage Lenders (CML) has updated its 2009 forecast for the UK housing market, reducing its estimate for repossessions from 75,000 to 65,000.
The body, whose members provide 98% of all residential mortgage lending in the UK, explains that while the housing and mortgage markets remain "extremely challenging" existing borrowers are benefiting from lower interest rates.
Other factors that should ...
CML downgrades 2009 repossession estimate to 65,000
by Gill Montia
June 19, 2009
The Government has announced an inquiry into the UK mortgage market, focusing on arrears, repossession and access to mortgage finance.
The Treasury Select Committee will undertake the study which will look at the impact of the recession on existing and potential homeowners.
MPs will collect lenders' statistics on current arrears and their forecasts for medium-term trends.
They will also consider access to mortgage finance ...
MPs to commence mortgage market inquiry
by Gill Montia
May 26, 2009
According to Jones Lang LaSalle, house prices in the UK could fall a further 12-14% during the remainder of the year and a further 1-3% next year.
The outlook is even worse for central London with the organisation predicting falls of up to 18% by the end of 2009.
James Thomas, Head of Jones Lang LaSalle’s Residential Investment team, commented: ...
Jones Lang LaSalle predict further falls in house prices
by Kay Murchie
May 18, 2009
Home repossessions by the Co-operative Bank halved during the last 16 months, the lender revealed this week.
The ethical financial provider said since the start of 2008, it has only carried out 8 home repossessions, compared to 16 home repossessions in the 16 months leading up to 2008.
The announcement comes as the Council of Mortgage Lenders (CML) revealed that overall repossessions in the ...
Co-operative Bank halves home repossessions
by David Masters
May 15, 2009
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 2008, and 8,500 a ...
Repossession rise but lag behind lenders’ forecast
by Gill Montia
April 28, 2009
The Co-operative Bank yesterday announced updates to two of its mortgage products.
Interest charged on Co-operative's 3 Year Discount Mortgage was reduced to 3.24%, whilst the bank's 3 Year Fixed Rate Guarantor Mortgage was reissued at a rate of 5.99%.
The Discount mortgage has a maximum loan-to-value (LTV) of 75%, and a £995 application fee. Legal and valuation costs are included.
The fixed-rate Guarantor mortgage ...
Co-operative updates 3-year mortgage deals
by David Masters
April 9, 2009
A BBC Scotland investigation has suggested that Scottish homeowners struggling with mortgage arrears are more likely to be repossessed than their English and Welsh counterparts.
A programme screened on BBC One Scotland yesterday compared the legal measures available to prevent repossession in Scotland with those covering the rest of the UK.
The programme makers claimed that Scotland's failure to adopt the same ...
Scottish homeowners remain victims of aggressive lenders
by Gill Montia
March 17, 2009
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 68,000 homeowners moving into arrears, or 13% more than in ...
Home repossessions leap towards 47,000
by Gill Montia
March 5, 2009
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 warned that around 3.5 million households could ...
Leading economist expects 90,000 repossessions this year
by Gill Montia
