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CML warns repossessions may rise

The number of borrowers with mortgage arrears and having property repossessed has fallen this year, according to the Council of Mortgage Lenders.

The CML welcomes the news but it fears uncertain economic prospects mean the numbers could rise.

Lenders took 10,460 properties into possession during the first half of the year – 1.5 per cent lower than the 10,620 homes repossessed in the second half of 2000. This was driven by the number of borrowers with up to six months&#39 arrears sliding by 5 per cent to 90,490 from 86,180 during the second half of last year.

Borrowers more than 12 months behind on repayments fell by 7 per cent to 19,340 from 20,795 – the first time since 1989 this figure has fallen below 20,000.

Director general Michael Coogan says: “It is hard to tell if the next move in interest rates will be up or down. If unemployment rises, more people could find themselves unable to pay their mortgage. We continue to urge all borrowers who have not yet thought about how they would make repayments if they lost their job to take out insurance.”


ScotLife moves into protection market

Scottish Life is setting up a new protection business in Edinburgh, solving the mystery surrounding the identity of the new Scottish player. It is understood to be headed by former Scottish Provident head of marketing and business development David Robinson. Money Marketing understands ScotLife has been recruiting former ScotProv staff who have left since the […]

FSA warning on money laundering

The FSA has warned that some firms in the financial services industry will need to do more to meet their obligations to prevent and detect money laundering. The FSA has highlighted that there are gaps in the understanding of IFAs of the risks associated of cash purchases of offshore products.

Bank shocks market with rate cut

The Bank of England has surprised the markets with a 0.25 per cent cut in its base rate, now 5 per cent.The bank&#39s Monetary Policy Committee had been expected to leave rates on hold because of concerns over inflation, but was clearly persuaded by calls for a cut to fend off recession.

A consumer&#39s VIEW

The Government investigation into long-term savings, announced last month, could have profound and far-reaching effects on the industry, in particular the remuneration of IFAs, and it will undoubtedly speed the day when IFAs have to act like true professionals and charge fees for their services. The investigation is being led by Ron Sandler, former chief […]

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]


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