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Repossessions due to finance trouble see dip

The number of homes which owners were forced to give up due to financial pressures fell by 54 per cent between 2010 and 2012 compared with the period running from 2005 to 2009.

Castle Trust has analysed the latest ONS English Housing Survey and found fewer than 12,000 homes a year were given up as a result of financial pressure between 2010 and 2012 compared to 26,000 between 2005 and 2009.

Around 55 per cent of people forced to give up their homes between 2010 and 2012 did so to avoid either mortgage arrears or court actions instigated by the lender. The remaining borrowers were either taken over by the lender or by court order.



FOS adds extra £3m to budget

The Financial Ombudsman Service has added an additional £3m to its final annual budget for 2013/14 since it consulted in January, bringing the total to £283.6m.

Banks win in EU tussle over default time limits

Banks have secured a victory after successfully lobbying against plans to force them to crack down on forbearance by repossessing a borrower if they are more than 90 days in arrears. In final negotiations over CRD IV earlier this month, ministers, MEPs and European commissioners agreed to define a mortgage default limit of 180 days, […]


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