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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)
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20 February 2009
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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.
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Baroness Warsi Replacement Announced
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Authorities Refer Debts To Bailiffs On 1.8m Occasions In The Last Year
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