The Council of Mortgage Lenders has branded rumours the recent rise in repossession orders has been fuelled by dodgy sub-prime and self-cert mortgages as pure speculation.One industry pundit contacted Mortgage Strategy to say that they had heard from a government source that the rise in repossession orders was “predominantly in the sub-prime market and almost entirely in the self-cert sector”. Figures out last week from the Department of Constitutional Affairs revealed that 54,344 actions were entered in the first half of the year and 32,366 orders made in the same period. But, as the CML pointed out, only 4,640 actual repossessions were made, a relative drop in the ocean compared with the 11.5 million mortgage transactions made over the time. As to pinning down the product type connected with repossessions, Sue Anderson, head of external affairs at the CML, says that while lenders and the industry in general would dearly love to know this information, it’s impossible under the present system. She says: “Because the court service doesn’t collect information about who is entering these actions, anything more is pure speculation. “We’re only looking at less than 5,000 repossessions out of 11.5 million mortgage transactions.”
London & European has moved into the heart of the City and has rebranded its image.The company says the changes reflect its evolution from a pure title insurer to a provider of solutions that enhance the speed, simplicity and security of property transactions.Alan Smith, managing director of London & European, says: “Over the past 10 […]
GE Money Home Lending plans to launch its products into the packager market exclusively via the Regulatory Alliance of Mortgage Packagers. The lender has confirmed to Mortgage Strategy that it has been working with RAMP for some months looking at a proposition for an exclusive deal with its members. Duncan Berry, director of mortgage sales […]
Lifetime Insurance Mortgage Experts now offers a secured loan service, in partnership with Norton Finance. Secured lending grew in 2005 to an all time high of 8.9bn in August, and the number of people choosing a secured loan as opposed to a further advance or remortgage has also risen. LIME says many clients are tied […]
Bank of Scotland Mortgages has decided to maintain its large loan and mainstream rates for as long as possible.
EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.
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