View more on these topics

Co-operative Bank sees 50% fall in repossessions

Figures from The Co-operative Bank show the number of repossessions at the bank have halved over the past 12 months.

Figures from the Council of Mortgage Lenders estimated that the number of repossessions during 2009 will jump by 67% to 75,000.

However, over the last six months The Co-operative Bank has only been involved in eight repossessions, (0.015% of its mortgage book), compared to 16 repossessions in the preceding six month period.

Terry Jordan, head of mortgages at The Co-operative Bank, says: “Our repossession figures as a proportion of our mortgage book are extremely low, when compared with the industry average.

“We are committed to helping people stay in their homes and we always view repossessions as a last resort. Our responsible approach to lending has also resulted in a strong mortgage book as we believe in only lending to people what they are able to afford.

“If any of our customers do face difficulties, we have a dedicated team of personal mortgage advisors able to give advice to customers on how to manage their finances and deal with any problems at the earliest stage.”

Recommended

TBMC direct service is popular

The Business Mortgage Company has signed up over 2,000 directly authorised brokers and five networks to its direct-to-lender proposition since it launched it in February.

On a high

Mole was tickled to hear how one building society reacted to the news that it was being downgraded in Moody’s assault on the mutual sector recently.

MPPI frog could turn into clients’ prince

While brokers have had to face what has probably been the most challenging period of their trading lives over the past 12 months, spare a thought for accident, sickness and unemployment insurers.

Newsletter

News and expert analysis straight to your inbox

Sign up