Menu
09/05/2008
Home Repossession Figures To Be Revealed
An increasing number of homeowners struggling to keep up with their mortgage payments could soon be facing repossession.
The Ministry of Justice (MoJ) will publish figures today for repossession orders for homes in England and Wales made through the courts from January to April this year.
In February, the Council of Mortgage Lenders (CML) reported the number of properties taken into repossession was 27,100.
The CML forecasts a repossession rate of 0.38% (45,000) in 2008, which although is higher than last year, is "still very modest relative to the overall size of the UK market of 11.8 million mortgages".
The CML represents about 98% of the UK residential mortgage lending industry.
It said that the current credit conditions do not appear to be resulting in mortgage arrears in most households and with interest rates expected to reduce further, borrowers on variable rates may see lower costs as the year progresses.
However, the organisation warned that the MoJ figures are "usually significantly higher" than the CML figures.
It is reported that the Government plans to help homeowners who are finding it difficult to meet their mortgage repayments.
In addition, staff at the Citizen's Advice Service, local authority staff and lenders will be encouraged to give advice to borrowers in difficulty.
UK Housing Minister Caroline Flint said she wanted to ensure that support and advice was available "for the majority of owners who may need support and advice now".
Ms Flint added that "the fundamentals of the housing market remain strong with high employment, low interest rates, and long term demand for homes from first time buyers".
A new debt advice service is to be set up through the National Housing Advice Service.
(DS)
The Ministry of Justice (MoJ) will publish figures today for repossession orders for homes in England and Wales made through the courts from January to April this year.
In February, the Council of Mortgage Lenders (CML) reported the number of properties taken into repossession was 27,100.
The CML forecasts a repossession rate of 0.38% (45,000) in 2008, which although is higher than last year, is "still very modest relative to the overall size of the UK market of 11.8 million mortgages".
The CML represents about 98% of the UK residential mortgage lending industry.
It said that the current credit conditions do not appear to be resulting in mortgage arrears in most households and with interest rates expected to reduce further, borrowers on variable rates may see lower costs as the year progresses.
However, the organisation warned that the MoJ figures are "usually significantly higher" than the CML figures.
It is reported that the Government plans to help homeowners who are finding it difficult to meet their mortgage repayments.
In addition, staff at the Citizen's Advice Service, local authority staff and lenders will be encouraged to give advice to borrowers in difficulty.
UK Housing Minister Caroline Flint said she wanted to ensure that support and advice was available "for the majority of owners who may need support and advice now".
Ms Flint added that "the fundamentals of the housing market remain strong with high employment, low interest rates, and long term demand for homes from first time buyers".
A new debt advice service is to be set up through the National Housing Advice Service.
(DS)
Related UK National News Stories
Click here for the latest headlines.
20 February 2009
Home Repossessions Rise By Over 50%
The number of people losing their homes has risen by 54%, according to new statistics released today by the Council of Mortgage Lenders (CML). A total of 40,000 properties were repossessed last year, up from 25,900 in 2007.
Home Repossessions Rise By Over 50%
The number of people losing their homes has risen by 54%, according to new statistics released today by the Council of Mortgage Lenders (CML). A total of 40,000 properties were repossessed last year, up from 25,900 in 2007.
03 August 2007
Report Reveals Home Repossessions Rise By Third
A report has revealed the number of repossessions has risen by almost 30% in the first half of this year. The Council of Mortgage Lenders (CML) said an estimated 14,000 properties were repossessed in the first six months of 2007. However, the number of mortgages in arrears totalled at 125,000, which is down 3% on the same period last year.
Report Reveals Home Repossessions Rise By Third
A report has revealed the number of repossessions has risen by almost 30% in the first half of this year. The Council of Mortgage Lenders (CML) said an estimated 14,000 properties were repossessed in the first six months of 2007. However, the number of mortgages in arrears totalled at 125,000, which is down 3% on the same period last year.
03 September 2014
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service. The decision cost the average adult £428 in 2013. One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service. The decision cost the average adult £428 in 2013. One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
06 August 2014
Baroness Warsi Replacement Announced
Baroness Anelay of St Johns, the government's chief whip in the House of Lords, has been announced as the replacement for Baroness Warsi as a foreign minister. The former president of the Citizens Advice Bureau, who has been in the Lords since 1996, will take over from Baroness Warsi, who tendered her resignation on Tuesday.
Baroness Warsi Replacement Announced
Baroness Anelay of St Johns, the government's chief whip in the House of Lords, has been announced as the replacement for Baroness Warsi as a foreign minister. The former president of the Citizens Advice Bureau, who has been in the Lords since 1996, will take over from Baroness Warsi, who tendered her resignation on Tuesday.
22 August 2013
Authorities Refer Debts To Bailiffs On 1.8m Occasions In The Last Year
Local authorities across England and Wales have referred debts to bailiffs on 1.8 million occasions in the last 12 months. The Money Advice Trust has released figures obtained by issuing Freedom of Information requests to all 374 local authorities in England and Wales that make clear the massive extent of bailiff use by local authorities.
Authorities Refer Debts To Bailiffs On 1.8m Occasions In The Last Year
Local authorities across England and Wales have referred debts to bailiffs on 1.8 million occasions in the last 12 months. The Money Advice Trust has released figures obtained by issuing Freedom of Information requests to all 374 local authorities in England and Wales that make clear the massive extent of bailiff use by local authorities.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
