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mortgage arrears
Skipton-based lender Redstone Mortgages has been fined £630,000 and ordered to pay customer redress for unfairly treating customers in arrears.
FSA proposals designed to make mortgage borrowing safer for consumers may in fact make it more difficult for people to get on the property ladder, the Council of Mortgage Lenders (CML) says.
The number of mortgage borrowers in arrears and properties repossessed both fell in Q1 2010.
Other mortgage arrears articles
Mortgage advisers have given their support to FSA proposals to introduce mortgage suitability letters.
Distressed bank Northern Rock recorded a statutory loss of £257m in 2009, compared to a loss of £1.4bn the previous year.
Repossessions hit their highest level for 14 years to reach 46,000 in 2009, according to figures from the Council of Mortgage Lenders (CML).
New mortgage lending increased by 20% to £40bn in Q3 compared to Q2 but it is still well down on the £61bn advanced in Q3 2008, according to FSA figures.
The FSA is set to tighten its rules on how lenders deal with mortgage arrears and repossessions.
UK home repossessions fell by 10% in the second quarter of the year compared with the first three months of 2009, figures from the Council of Mortgage Lenders (CML) suggest.
The arrears management processes of mortgage lenders often increase the arrears problems faced by borrowers, according to a report by Citizens Advice Bureau (CAB).
Advisers are being urged to keep an eye on how a client’s mortgage arrears are reported by credit agencies as there could be a potential TCF breach.
Mortgage arrears at Britain’s biggest lender have increased by 33% in six months.
The number of mortgages in arrears has increased 15% since June 2004, latest figures from the Council of Mortgage Lenders (CML) reveal.
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