The Council of Mortgage Lenders (CML) is predicting that the number of mortgage borrowers three months or more in arrears with repayments will rise to 500,000 in 2009. If so, the number of householders struggling to keep a roof over their heads will more than double, given that 210,000 mortgages are expected to be in [...]
Figures from the Council of Mortgage Lenders (CML) have revealed a sharp rise in the number of properties repossessed by mortgage lenders. The organisation said repossessions in the July to September period rose by 12%, while full year numbers are expected to escalate by 70% compared to 2007. Meanwhile, the number of borrowers in arrears [...]
Nationalised Northern Rock recently came under scrutiny after claims that it was being ‘aggressive’ in its repossessions policy. The lender is expecting to be responsible for 10% of all repossessions this year as its 125% mortgages are driving its repossession rate. The 125% mortgage from Northern Rock, known as ‘Together’ loans, represent around 30% of [...]
The Financial Services Authority (FSA) has reported a sharp rise in the number of people losing their homes because they are unable to keep up their mortgage payments. In the three months to the end of June, repossessions of residential properties rose 71% to 11,054. The figure compares with 6,476 during the same three months [...]
Figures from the Office for National Statistics (ONS) have revealed that in the three months to August, unemployment in the UK soared by 164,000 to 1.79 million. The rise marks the fastest for 17 years and many reports suggest that the number of people unemployed could hit the two million mark by Christmas. Capital Economics [...]
Northern Rock has revealed the extent to which its “Together” mortgage, which offered borrowers up to 125% of their property’s value, is putting pressure on its levels of arrears and repossessions. “Together” loans, which were withdrawn in February, are a combination of a mortgage and personal loan. They were particularly popular with first-time buyers who [...]
Figures from the Ministry of Justice have revealed that the number of mortgage repossession orders made by courts in England and Wales in the second quarter of 2008, rose by 24% to 28,658, compared with the same period last year. The figures are 4% higher than the first quarter of this year and are equal [...]
The number of home repossessions rose by 48% in the first six months of the year, to 18,900. When compared with the second half of 2007 the figure is 41% ahead. Latest intelligence from the Council of Mortgage Lenders (CML) also shows an increase in the number of homeowners falling behind with their mortgage payments. [...]
The Financial Services Authority (FSA) is reminding mortgage lenders of their obligation to treat customers fairly. In a recent review, the regulator found weaknesses in the way some lenders have been dealing with arrears and repossessions, particularly for consumers with impaired credit histories. Specialist lenders raised particular concerns for the regulator, which described some firms [...]
The Council of Mortgage Lenders (CML) has written to the Chancellor of the Exchequer, Alistair Darling, outlining the ways in which lenders are acting to minimise the financial problems of borrowers, particularly those coming off low-rate deals. The Council expects the number of mortgage arrears cases and repossessions to remain low during 2008 and points [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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