Repossessions fall 50% at Co-operative Bank

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.”