Tag: arrears

CML reports drop in repossessions in Q2

CML reports drop in repossessions in Q2

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 [...]

August 11, 2011 | 0 Comments More
CML reports further fall in repossessions

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 [...]

February 10, 2011 | 0 Comments More
CML provides assessment for housing market in 2011

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 [...]

December 15, 2010 | 0 Comments More
CML reports further fall in repossessions

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 [...]

November 11, 2010 | 0 Comments More
CML reports further fall in repossessions

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 [...]

August 12, 2010 | 1 Comment More
Mortgage lenders’ responsibilities redefined

Mortgage lenders’ responsibilities redefined

July 13, 2010 | 0 Comments More
Mortgage arrears and repossession down

Mortgage arrears and repossession down

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 [...]

May 13, 2010 | 0 Comments More
Year-end improvement in mortgage arrears and repossessions

Year-end improvement in mortgage arrears and repossessions

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 [...]

March 18, 2010 | 0 Comments More
46,000 homes repossessed in 2009

46,000 homes repossessed in 2009

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 [...]

February 11, 2010 | 1 Comment More
FSA defends home owners with mortgage arrears

FSA defends home owners with mortgage arrears

Mortgage borrowers in arrears stand to get a better deal from lenders under new proposals published today by the Financial Services Authority (FSA). The package is aimed at ensuring home owners in financial difficulties are treated fairly, by strengthen existing rules on arrears handling and promoting the regulator’s “tough stance” on mortgage fraud. Under the [...]

January 26, 2010 | 0 Comments More
Repossession up but new arrears decline

Repossession up but new arrears decline

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 [...]

December 17, 2009 | 0 Comments More
Lenders cut 2009 repossessions forecast

Lenders cut 2009 repossessions forecast

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 [...]

November 12, 2009 | 0 Comments More
New precedent for mortgage lenders treating customers unfairly

New precedent for mortgage lenders treating customers unfairly

One of the UK’s leading sub-prime mortgage lenders has been fined £2.8 million by the Financial Services Authority (FSA) for not treating its customers fairly. GMAC-RFC has also agreed to repay up to £7.7 million in total, plus interest, to over 46,000 of its mortgage customers. The FSA says the case sets a precedent in [...]

October 29, 2009 | 0 Comments More
“Major reforms” in hand for UK mortgage lending

“Major reforms” in hand for UK mortgage lending

The Financial Services Authority (FSA) has today set out “major reforms” that it intends to impose on UK mortgage lending. The proposed new measures are aimed at making the market “sustainable” for lenders and borrowers and reflect “a more intrusive and interventionist style of regulation”. Key features include imposing affordability tests for all mortgages and [...]

October 19, 2009 | 0 Comments More
Mortgage borrowers quash arrears

Mortgage borrowers quash arrears

Research from the Building Societies Association (BSA) claims that over the last two years, the majority of borrowers who have fallen into arrears with their mortgage repayments have either caught up, or are in the process of catching up. According to the BSA, 97% of borrowers in financial difficulties have avoided repossession with thirty-three per [...]

September 15, 2009 | 0 Comments More
Government updates repossession advice

Government updates repossession advice

Homeowners under threat of repossession and tenants on the brink of eviction have a new resource available at www.direct.gov.uk. The site now contains articles and videos prepared by the Ministry of Justice, aimed at informing people with both mortgage and rent arrears. The advice addresses a wide range of problems and is suitable for those [...]

August 31, 2009 | 0 Comments More
Lenders optimistic on arrears and repossessions

Lenders optimistic on arrears and repossessions

In its latest commentary on the UK housing market, the Council of Mortgage Lenders (CML) describes the recovery seen in recent weeks as “fragile” and warns of a “modest dip” towards the end of the year, reflecting seasonal factors. More positively, second quarter data for arrears and repossessions suggest that fewer borrowers are struggling financially [...]

August 21, 2009 | 0 Comments More
Northern Rock “Together” mortgages push up arrears

Northern Rock “Together” mortgages push up arrears

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 [...]

August 4, 2009 | 0 Comments More
Northern Rock posts first half loss

Northern Rock posts first half loss

Nationalised lender Northern Rock has today reported a pre-tax loss of £724.2 million for the first half of the year, compared with a loss of £585.4 million in the same period a year ago. Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the [...]

August 4, 2009 | 0 Comments More
Sub-prime lenders too focused on recovering arrears

Sub-prime lenders too focused on recovering arrears

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”. [...]

June 24, 2009 | 0 Comments More