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Bradford and Bingley arrears drop by 18%
The number of arrears at Bradford and Bingley has dropped by 18% in the six months up to June 2010.
MMR: Income buffer for sub-prime borrowers
The Financial Services Authority is calling for stricter affordability tests and a disposable income buffer for borrowers with impaired credit as part of a major shakeup of sub-prime.
MMR: FSA reveals the number one toxic product combination
A whopping 42% of borrowers with a credit impaired, self-cert mortgage for debt consolidation at 80% LTV or above are in arrears or repossession, making it the most toxic product combination in the UK.
Mayfair launches low credit rating product
Mayfair Bridging is launching a product aimed at clients with an adverse credit rating.
Openwork launch campaign to help move from interest-only
Openwork is launching a campaign encouraging interest-only borrowers to switch to a capital and repayment loan.
Bogus loan firms target those in debt, says CAB
Bogus loan companies are preying on those in debt by demanding up-front fees and then disappearing, the Citizens Advice Bureau claims.
Nationalised banks should be forced to offer sub-prime
A law firm wants to see the nationalised banks provide sub-prime mortgages, and says if necessary the government should force state-backed lenders to offer sub-prime deals.
GEMHL expands range to help borrowers with limited options
GE Money Home Lending says it’s looking to help borrowers with limited options as it expands its product range, increases its LTVs and reduces its reversionary rates.
Repossessions stabilise for prime and sub-prime
Repossessions across both the prime and sub-prime sectors are continuing to stabilise with sub-prime repossessions down 50% from their peak.
Cattles to cut more Welcome jobs
Around 450 staff at Cattles lending subsidiary Welcome Finance have been told today that they are at risk of redundancy.
