View more on these topics

Second charge repossessions fall by a third

Repossessions for second charge mortgages are down 33% for the first three months of the year compared to the same time last year.

Figures from the Finance and Leasing Association show that there were 261 second charge repossessions in Q1, against 392 for Q1 2009.

Data from the Council of Mortgage Lenders published today shows that the number of first charge mortgages for Q1 is 9,800.

Fiona Hoyle, head of consumer finance at the FLA, says: “Second charge lenders are doing all they can to help customers in financial difficulties and this is reflected in the significant fall in the number of repossessions.

“But while the recession may be over, many borrowers are still struggling with repayments.

“2010 may prove to be a difficult year for many which is why lenders are committed to ensure that repossession is a last resort.”


Free unemployment insurance for new mortgage customers at HSBC

HSBC is offering free unemploy-ment cover for new mortgage customers if life insurance is also taken out. The move follows the launch of HSBC’s split mortgage that allows borrowers to fix a proportion of their loan, with the remainder on a lifetime tracker rate. All borrowers are being offered unemployment cover if they take out […]


Use your contacts to help you branch out

I see that Tesco intends to diversify into construction and build four mini-villages in the South-East. It has also earmarked developments in Ipswich and the North-East. The first of these plans was given the green light by Lambeth Council recently, when it gave permission to build 200 homes, a bus depot and an ice rink […]

Media Spotlight: The Big Short By Michael Lewis

Many claim to have predicted the financial crisis. With the benefit of hindsight economists, business commentators, academics and investors can all look back and say it was obvious that the crazy lending spree would come crashing down sooner or later. But in the line-up of professionals who claim to have predicted the crash how many […]


News and expert analysis straight to your inbox

Sign up