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Borrowing binge sparks fear over repossessions

A law firm has warned that the increase in unsecured personal borrowing could result in a repossessions surge this year.

Bank of England figures show that unsecured personal borrowing rose to £2.4bn in February from £900m in January – the biggest increase for more than five years.

Repossession litigation specialist Moore Blatch says these figures highlight the increasing pressure home owners will be under because of mort- gage and personal loan repayments.

Paul Walshe, head of lender services at Moore Blatch, says: “In the past, home owners have raised funds by withdrawing equity from their properties but they are now being forced to take out personal loans or increase their overdraft facilities, which means they are subject to higher interest rates.

“As a result, monthly outgoings are increasing, putting the pressure on meeting mortgage repayments.”


Senior management reshuffle at PTP

Personal Touch Packaging has undergone a senior management reshuffle, to help boost its customer service team. PTP has placed its marketing and communications director, along with its sales director and operations director in redundancy, which has enabled it to take on five extra staff to work at the lower end of the scale.Rob Jupp, managing […]

Outsourcing tipped to grow

Newcastle says the unpredictable mortgage market will lead more financial services firms to outsource services this year. The society has seen significant growth in its outsourcing arm, Newcastle Strategic Solutions.

CML urges BoE to lead global action

The Council of Mortgage Lenders chairman has urged the Bank of England to lead a global action plan to alleviate turmoil in the financial markets.

Different strokes from different folks

London’s rich architectural heritage makes surveying in the capital a pleasure because every part of the city offers properties with different styles, colours and materials, says Simon White


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