View more on these topics

Sharp rise in repossession orders revealed by DCA

The Government has revealed a steep rise in the number of repossession orders made by mortgage lenders.

During the third quarter of 2006, 34,626 mortgage possession actions were entered, and a total of 24,017 orders were made – 11,603 of which were suspended orders.

The number of actions entered in that period was 15 per cent higher than in the third quarter of 2005. There was also a rise of 22 per cent in orders made.

The figures from the Department for constitutional Affairs also reveal a rise of 1,446 on the number of actions entered compared to the second quarter of last year.

There are no updated figures on the number of actual repossessed properties as that information is held by the Council of Mortgage Lenders which only publishes data twice a year.

There were 10,310 repossessions last year and 8,140 for the first half of 2006.

Recommended

Rate and see

The US Federal Reserve Bank could be on pause for some time and rate cuts are not expected

Retention success slashing value of mortgage market

Edeus managing director Alan Cleary says 125bn could be wiped off the value of the mortgage market due to the growth of retention schemes. At Money Marketing Live in Manchester on Tuesday, Cleary said the market could shrink from projections of around 345bn for this year to just 220bn in future as he claims lenders’ […]

Leeds launches 10-year fix to beat base rate rises

Leeds Building Society has launched a 10-year fixed rate homeloan at 4.99 per cent.The mortgage has no higher lending charge, is available up to 90 per cent loan to value and allows 10 per cent capital repayments each year without penalty. There is also a fee free version for customers who require help with fees.Head […]

Regulator rocks on

The FSA’s rock band is making a come back at this year’s Compliance Register OStCaR awards although there are a few line-up changes since last year’s epic performance which included classy covers of Alice Cooper’s Poison and the Stones’ Jumpin’ Jack Flash. The night will also feature the immense vocal talents of Compliance Register’s Ben […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment