Repossessions rise by 40% - Guardian

carolt

http://www.guardian.co.uk/money/2008/aug/05/mortgages.debt

carolt

Or for those who prefer The Times -

http://business.timesonline.co.uk/tol/business/economics/article4463595.ece

baileysbattlebus

Interesting article, (guardian) though not very clear - repossessions up 40% to 9,152, it doesn't say what the total number in repossession is. I think I read somewhere that there are around 11.5 to 12 million mortgages in the UK though it does tell you that 302,000 are in arrears which is around 2.5% of the total figure I had in mind - so not a lot yet.

In fact just pulled this from the article.

"The FSA said the number of borrowers missing repayments remained at a historically low level, with just 2.44% of outstanding loans in arrears and 1.97% in possession."

So the total number in repossession must be around 236,000 - still not a lot yet.

I do wish newspapers wouldn't sensationalise quite so much and actually give you all the facts and figures and not just those they think are worth reporting.

WTF?_2

baileysbattlebus wrote: »

Interesting article, (guardian) though not very clear - repossessions up 40% to 9,152, it doesn't say what the total number in repossession is. I think I read somewhere that there are around 11.5 to 12 million mortgages in the UK though it does tell you that 302,000 are in arrears which is around 2.5% of the total figure I had in mind - so not a lot yet.

In fact just pulled this from the article.

"The FSA said the number of borrowers missing repayments remained at a historically low level, with just 2.44% of outstanding loans in arrears and 1.97% in possession."

So the total number in repossession must be around 236,000 - still not a lot yet.

I do wish newspapers wouldn't sensationalise quite so much and actually give you all the facts and figures and not just those they think are worth reporting.

It was certainly enough to cause Northern Rock some serious problems.

http://news.bbc.co.uk/1/hi/business/7542251.stm

Northern Rock has announced bigger-than-expected losses of £585.4m for the first six months of the year.
Much of the loss came from the charges it takes to cover losses from struggling mortgage borrowers.

And they were the one with the 'high quality loan book' as Darling told us ..... Actually I'm pretty sure I remember at least one prominent bull here a while back claiming that NR made loans that were more 'selective' than other lenders. It's late and I couldn't be bothered searching for the comments though.

epz_2

im sure i saw the news saying the rocks repos were up 160% and they had to up their repo department staff to 500 people, so much for a quality mortgage book.

Lotus-eater

epz wrote: »

im sure i saw the news saying the rocks repos were up 160% and they had to up their repo department staff to 500 people, so much for a quality mortgage book.

It sort of makes sense doesn't it.

They force people onto the SVR, the ones that can afford to move their mortgage, go, the ones that can't move due to a very bad credit history, also have problems paying the higher rates.