Categories:

Buy-to-letDevelopmentEstate agencyFinancial PR agencyHouse pricesMortgagesProperty finderProperty softwareRemovalsUncategorized

Archive:

Tags:

1.99 per cent25-year fixA-level resultsaccidental landlordsaffordabilityAnderson HarrisAnthony Ward ThomasArchbishop of CanterburyArlaAusPodAussie Man & VanAutumn Statementavoidable mistakesBank of EnglandbanksBarclaysbase ratebase-rate trackersBathBBC BreakfastBBC Radio Four Money Box LiveBien MediaBien Media clientBlog writingborrowersBrexitBristolBudgetBudget 2013buy-to-letbuyersChancellor of the ExchequerCharles Rickardscheap creditcheap mortgagesCMLCo-operative BankCouncil of Mortgage LendersCovent Gardencredit crunchcredit scoringcriteriacyclingDaily Telegraphdepositdepositsdiscretionary investment servicedouble-dip recessionearly redemption chargeEaton PlaceequityEric PicklesErnst & Young ITEM Clubestate agentestate agentsexpensive letting agentsFairbairn Private Bankfamily homesfamily-friendly tenanciesfinancial PRfinancial PR agencyFinancial Services AuthorityFinancial Timesfirst-time buyerFirst-time buyersfive-year fixesfixed-rate mortgagesflat out like a lizard drinkingforbearancefront page of the TimesFTSBEFTSEfunding for lendingGabby Adlergeneral electionGovernmentGross Mortgage LendingGuy MeacockHalifaxHalifax house price indexHelp to BuyHelp to Buy 2Help to Buy Isahigh loan-to-valuehigh-value homeshigher funding costsHome FusionhomeownerHouse Beautifulhouse priceshouse saleshousing boomhousing ladderhousing marketHPIIMFInflationING Directinterest ratesinterest-only mortgagesJeremy LeafJeremy Leaf & CoJonathan AdamsJonathan Harrislandlordslenderslendingletting agent feesletting agentslettings agentlettings agents' feesLibor fixingloan-to-valueloan-to-valuesLondonLondon house pricesLondon Rock Capitallonger-term fixesLouise ReynoldsLTVsman and vanman and van removalsManchester Building SocietyMark CarneyMark HarrisMark ProutMayfairmedia relationsMelanie BienMIGMMRmodest depositsMonetary Policy CommitteeMoney BoxMoney Box Livemortgagemortgage and property PR agencymortgage brokermortgage brokersmortgage financemortgage lendingMortgage Market Reviewmortgage prisonersmortgage ratesMortgagesmulti-million pound propertiesMy first millionNapier WattNationwideNationwide House Price Indexnationwide removals serviceNedbank Private Wealthnew buildnew clientnew homesnew purchasesNewBuy GuaranteeNewBuy mortgagesNewcastle building societyNicholas AyreOffice for National StatisticsOffice of National StatisticsOlympicsONS house pricesportingpositive outlookPRPR companyPR Consultancypress coverageprime central LondonPrime Central London estate agencyPrime Purchaseprivate bankingpropertiespropertyproperty finance specialistproperty finderproperty marketproperty techquantitative easingQueen's SpeechRadio 4Radio Four Money BoxReferendumrelocatingremortgagesRemortgagingremovalsRentifyrentsrepayment strategyrepayment vehiclerepossessionsresidential propertyretirementRichmond-upon-ThamesRICsRightmovesaversschool catchment areassecond stepperssecuritisationself-storagesocial media presenceSPF Private ClientsStamp Dutystart-upstressfulstrong rental yieldsStudent Removals servicesummerSVRSwap ratesTescotrackertwo-year fixed rateundergraduatesVanHanWall Street JournalWhite PaperWigwammYorkshire Building Society
09 Sunday Dec 2012

Repossessions fall but CML sticks by forecast Posted by:

Some 8,500 homes were repossessed in the second quarter of 2012, according to the Council of Mortgage Lenders, the lowest number since the final three months of 2010. The decline, from a total of 9,600 repossessions in the first quarter of the year, is welcome but the CML says it is sticking by its original forecast of 45,000 for the year Рan increase on 2011 Рbecause of the difficulties in the economy.

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: ‘That repossessions are likely to rise for the year as a whole is depressingly predictable.¬†Although interest rates are expected to remain at 0.5 per cent for the foreseeable future, a growing number of borrowers are still struggling. Mortgage rates continue to rise, despite the non-movement of base rate, with more than a million homeowners seeing an increase in mortgage rates in May, for example. Those with little or no equity in their homes don’t have the luxury of being able to remortgage onto a cheaper deal.

‘More than ever, the mortgage market is divided into the haves and the have-nots. Although several lenders have introduced chart-topping five-year fixes at record lows, only those borrowers with sizeable deposits or similar levels of equity in their home can benefit. Those up against it and in danger of having their homes repossessed don’t have this equity cushion so can’t access these market-leading deals. Subsequently, an increasing number of homeowners are getting into difficulty paying their mortgage because they can’t afford the payments on top of high living costs, low wage rises, and in some cases, losing their jobs.

‘It is essential that lenders continue to show forbearance and look after customers who are struggling by switching them to interest only, allowing them to take payment holidays or extend their mortgage terms, where practical. Likewise, borrowers must seek help, preferably before they miss a payment, speaking to their lender or one of the specialist – and free – debt agencies, such as Citizens Advice Bureau.’