Author Archive
Northern Rock Takes Repossession Extension on Board
Following on from yesterday’s post regarding the RBS extending the allowance of missed payments prior to repossession, Northern Rock has followed suit. Although they are clear that this will not greatly impact their current processes as on average, they work with their customers for a period of 15 months from when they first fall into arrears. [...]
6 Months Grace on Repossessions
The Royal Bank of Scotland has extended the previous 3 month deadline to 6 months of missed mortgage payments before properties are repossessed. The announcement comes days after the Government took control of RBS having bought 58% of it’s shares. Ministers are beginning to apply pressure to other lenders to loosen the 3 month stronghold.
As [...]
Are Banks Treating Customers Fairly? FSA says No!
The Telegraph.co.uk is reporting that banks are not ‘treating customers fairly’ regarding Mortgage arrears. The FSA has issued letters to the ‘offending’ lenders that are showing ‘weaknesses in arrears and repossession handling’, especially to those banks that specialise in grant mortgages to borrowers with poor credit histories. Jon Pain, the retailing manager from the FSA [...]
Borrowing For a Mortgage? Have a Deposit!
You can save up to £2,200 a year if you have a deposit of up to 40% of the property value. Those who have a lower deposit are paying up to this amount on the same loan!
According to new research released by mform.co.uk, on a 2 year tracker mortgage of £150,000, borrowers with a 40% [...]
First Time Buyers - Not Getting the Full Picture
New market analysis compiled by mform.co.uk has revealed that mortgage lenders are not always making their best rates available to first time buyers. With the Bank of England base rate cut, the standard variable rate has come down, however lenders are denying access to the better rates for new mortgage products.
Typically, the SVR deals acted as default [...]