Credit, Collections & Insolvency News
The number of properties taken into possession last year declined by almost 25%, according to new data from the Council of Mortgage Lenders (CML) Last year’s total of 7,700 cases of possession compared with 10,200 in 2015, and was the lowest number since 1982. Over the course of 2016, the number of mortgages in arrears also fell by 7%. However,…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions was 144 in 2016, almost 37% lower than in 2015. In the final quarter of 2016, the number of repossessions was 39, up by 18% compared with the same quarter in 2015. The rate of second-charge…
Read moreDanske Bank has revealed its Northern Ireland business saw new mortgage lending approvals grow 96% over the past year. The Northern Irish arm reported a profit before impairments of £91million for the 12 months to the end of December 2016, a 5% increase on 2015. Kevin Kingston, CEO of Danske Bank UK, said it had introduced…
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Millions of people in the UK who rent their homes from private landlords are putting themselves and their families at risk of eviction and financial hardship due to lack of a financial back-up plan, according to research from Scottish Widows. Despite almost a third (30%) of private renters admitting that they’d not be financially secure…
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The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £20.4 billion in December. This is 4% lower than November (£21.2 billion), and 4% higher than December 2015 (£19.7 billion). This brings the estimated total for the year to £246 billion, a 12% increase on 2015’s £220 billion and the highest annual gross…
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A scheme aimed at tackling financial and social exclusion amongst private renters has been launched. CreditLadder in association with Experian’s Rental Exchange programme , seeks to boost a tenant’s credit rating by recording their rent payments on their credit file. This means millions of tenants throughout the UK are now able to build their credit score,…
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Target Group has announced the purchase of the operating business of Commercial First. Commercial First are a provider of commercial and residential mortgage servicing, due diligence and property valuations for clients ranging from blue chip banks and fund managers to private equity and mortgage securitisations. Established in 2002 and based in Skipton, Commercial First provides…
Read moreThe Scottish Federation of Housing Associations (SFHA) has raised concerns about the inconsistent messaging from the Department for Work and Pensions (DWP) following their claim the LHA cap – dubbed the Bedroom Tax 2 – will not apply to existing tenants. The DWP statement in a Scottish Herald article on 3rd January claimed the ‘cap’ on social…
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Organisations that work with homeless people and give housing support to vulnerable are to benefit from £1.65 million of Scottish Government grant funding. The Housing Sector Voluntary Grant Scheme helps third sector organisations to deliver housing-related projects and services. The 2017/18 allocation will benefit 17 different organisations whose work includes helping older and disabled people…
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The government’s plans for a fresh round of welfare cuts, dubbed ‘Bedroom Tax 2’, threatens to undermine housebuilding projects, increase homelessness, and weaken public sector finances across Scotland, it has been claimed. According to The Herald, payments to help tenants meet their social housing costs will be capped by the UK government for the first time with…
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South Tyneside Council has seen the amount of Council Tax it is owed almost double over the last three years. Data obtained shows that the authority was owed £1.19million at the end of the 2013/14 financial year. By the end of 2015/16, that figure had jumped to £2.04million – a rise of more than 70%.…
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Universal Credit has caused a 20% rise in rent arrears from East Lothian Council tenants in just three months since it was introduced, a report has found. The report shows that the change to Universal Credit has seen rent arrears rise by £242,000.The net year on year increase, calculated at 12 %, or £157,000, has almost…
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The Council of Mortgage Lenders (CML) has published its new latest findings and reports that gross lending of £21 billion in November – up by an estimated 3% on October, and also 3% up on a year ago. The CML’s lending forecasts for 2017 have been revised downwards from the previous expectations of a year ago, reflecting economic…
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