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CML ready to lower repo forecast as arrears fall

The Council of Mortgage Lenders says it may lower its repossession forecast for 2011 after the latest figures show a 4 per cent fall in repossessions on the same period last year.

So far this year, a total of 27,500 properties have been taken into possession, 4 per cent fewer than in the equivalent period last year.

The CML says it now appears likely that the total number of repossessions in 2011 will be lower than its forecast of 40,000.

The number of properties taken into possession by mortgage lenders in the third quarter of 2011 was 9,200, virtually unchanged from 9,100 in the second quarter.

he number of repossessions in the third quarter was 0.08 per cent of all mortgages, which has been the same level for five of the last six quarters, with the exception of the fourth quarter 2010, which saw a seasonal dip to 0.07 per cent.

There was a slight fall in the number of households in arrears with their mortgage across all categories in the third quarter.

At the end of September, the total number of mortgages with arrears of 2.5 per cent or more of the outstanding balance fell to 161,600, down by 2 per cent from 165,200 and 8 per cent lower than the 175,100 cases at the end of September 2010.

CML director general Paul Smee says: “The fall in the number of mortgages in arrears and the stable picture on repossessions are testament not only to the beneficial effects of low interest rates but also to effective arrears management and good communication between lenders, borrowers and debt counselling organisations.”


Skandia Investment Group planning move to London

Skandia Investment Group is to relocate all its UK staff to London from Southampton by 2013 following an internal business review. A total of 57 SIG staff are in Southampton, which makes up two-thirds of the firm’s fK workforce. Skandia says it hopes most of the Southampton staff will move to London. A total of […]

Ashcourt Rowan set for £8.5m cash injection

Ashcourt Rowan has announced that it is to raise £8.5m in cash by offering new shares in the company. The 8.5m new shares are designed as a cash injection to allow the firm to introduce significant cost reductions, which when fully implemented will allow the firm to make annual savings of £5.2m. The move is […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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