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Thursday 25th of February 2010

News Tag: repossessions

February 11, 2009

One in five homeowners face negative equity

by David Masters
One in five homeowners face negative equity
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 around 21% of people with ...



February 9, 2009

Think tank puts Courts in front line over repossessions

by Gill Montia
Think tank puts Courts in front line over repossesions
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 245,000 the subject of ...



January 22, 2009

FSA reports rise in repossessions and arrears

by Gill Montia
FSA reports rise in repossessions and arrears
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 number of households with mortgage arrears rose ...



January 16, 2009

Additional support for homeowners in danger of repossession

by Gill Montia
Addition support for homeowners in danger of repossession
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 is affordable. Eighty local ...



December 18, 2008

Lenders expect mortgage arrears to more than double

by Gill Montia
Lenders expect mortgage arrears to more than double
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 arrears at the end ...



November 21, 2008

CML: Repossessions rise sharply

by Kay Murchie
CML: Repossessions rise sharply
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 also increased when compared to the previous quarter, by ...



November 18, 2008

Northern Rock leading the way in repossessions

by Kay Murchie
”Northern
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 lender’s mortgage book, they account ...



October 28, 2008

Repossessions up 71%

by Gill Montia
Repossessions up 71%
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 of 2007. According to the FSA, repossessions have been on the increase ...



October 15, 2008

Sharp rise in unemployment in the UK

by Kay Murchie
”Sharp
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 recently suggested that the figure could ...



Northern Rock’s “Together” loans push up arrears

by Gill Montia
Northern Rock's
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 could fund their house purchase and ...



August 15, 2008

Mortgage repossession orders surge by 24%

by Kay Murchie
Mortgage repossession orders surge by 24%
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 to the number of orders made in ...



August 8, 2008

Repossessions leap 48%

by Gill Montia
Repossessions leap 48%
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. Arrears rose by 29% in the first half of 2008, ...



August 5, 2008

FSA warns lenders as repossessions rise 41%

by Gill Montia
FSA warns lenders as repossessions rise 41%
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 as operating a "one size fits all" ...



June 4, 2008

CML provides uniform response to borrowers in arrears

by Gill Montia
CML provides uniform response to borrowers in arrears
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 out that all lenders ...