Shelter Scotland is warning that mortgage repossessions will rise sharply in the months ahead, unless radical action is taken. According to the homeless charity, Scottish Sheriff Court figures show a 20% rise in mortgage actions taken by courts between 2008 and 2009, and a 50% rise in decrees for ejection granted in the past year. [...]
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 [...]
The Council of Mortgage Lenders (CML) is due to release repossession figures later today and a sharp rise is expected. The CML has predicted 65,000 people will have their properties repossessed during the year – a 17-year high. While this is 10,000 less than the estimate it made late last year, it is still considerably [...]
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 [...]
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”. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
Home repossessions rose to 40,000 during 2008, according to data from the Council of Mortgage Lenders (CML). The figure is up 54% on 2007, although 5,000 fewer than forecast. The CML attributes the respite to mortgage lenders making “strenuous efforts” to ensure that repossession is used as a last resort. The body also points out [...]
One in five homeowners could find themselves in negative equity as the recession tightens its stranglehold, the Financial Services Authority (FSA) has warned. House prices could potentially drop by as much as 30% compared to 2007 levels, the FSA said, leaving 2.5 million mortgage holders owing more than the value of their house. This is [...]
The Centre for Policy Studies has warned that very few households will benefit from government initiatives aimed at reducing the number of home repossession. The think tank, which was formed by Sir Keith Joseph and Margaret Thatcher in 1974, estimates that the recession will put over 145,000 households at risk of repossession, with a further [...]
The Financial Services Authority (FSA) has reported that the number of home repossessions in the UK rose to 13,161 in the third quarter of 2008. The figure had increased from 11,054 during the second quarter of last year and was up 92% on the same period of 2007. In addition, the regulator found that the [...]
Government measures aimed at helping homeowners in danger of repossession come into full effect today. Up to 6,000 households in England could benefit from the £200 million scheme, which allows housing associations to buy the homes of people with serious mortgage arrears and rent the properties back to the previous owners, at a price that [...]
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, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
