OFT consults on second charge lending
The Office of Fair Trading (OFT) launched a consultation today on draft guidance for businesses engaged in second charge lending. The draft guidance sets out the standard of behaviour the…
Tag: arrears
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Slide rule
Wherever you look the statistics seem to be unprecedented. House prices fell at their fastest rate ever in 2008. Sales are lower than at any time since records began in…
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Mortgage repayment problems not as bad as the 90s
The level or arrears and repossession should be lower than the early 1990s, the head of the Financial Services Authority (FSA) said yesterday, as the short-term financial position of many…
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Lenders should be named and shamed
Which? magazine has called for the Financial Services Authority to ‘name and shame’ lenders charging customers with exorbitant mortgage arrears charges. Which? wants the list submitted to judges hearing repossession…
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Rise in tenant evictions
There has been a ‘steep rise’ in the number of tenants evicted after landlords have defaulted on their mortgage, Shelter warned. Ministers have to ‘act quickly to give tenants far,…
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Letting agents seeing rise in tenants behind on rent
The number of tenants struggling to pay their rent is rising, according to the Association of Residential Lettings Agents (ARLA). Around 65 per cent of agents have seen an increase…
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Prime mortgage arrears worst for eight years
Prime mortgage borrowers, at least one month in arrears, have risen 50 per cent to 3.24 per cent of prime loans by the end of September compared with a year…
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Arla calls for rethink in repossession guidelines
The Association of Residential Lettings Agents (ARLA) has also questioned the new repossession proposals for rented property. It has called for the government to be clearer about its intentions to…
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Councils ‘aggressive’ pursuit of tax arrears
Research by the Liberal Democrats has found that thousands of vulnerable people are being forced into bankruptcy or selling their homes to pay for legal action, as town halls use…
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The FSA lays down the law
The Financial Services Authority (FSA) has written to the chief executives of all mortgage lenders giving them until 31 January to treat customers in arrears fairly or face action. It…