Data from the Council of Mortgage Lenders … This was up 23% from the 10,400 in the previous three months and 50% up on the 8,500 in the same period last year. Around 10,400 properties were taken into possession by first charge mortgage lenders in the fourth quarter of 2008, down from 11,100 in the previous quarter but up from 6,900 in the fourth quarter of 2007, according to the Council of Mortgage Lenders. A first charge or priority charge refers to any type of primary credit secured on a property. You can change your cookie settings at any time. You are in mortgage arrears if you have missed at least one payment on your mortgage plan. The Council of Mortgage Lenders (CML) have given general direction as to what happens AFTER repossession, after an increase of concern and a lack of public knowledge have caused an increase in enquiries. House repossessions rose in the first half of the year, by 30% on the same period in 2006, indicating that some homeowners are struggling with the five recent interest rate rises. A rise in repossessions would fuel speculation the economy is on the brink of a recession. 3 Min Read. The increasing balance enables the mortgage lender to accept a lower offer on your property because they can claim that if they did not accept the offer then the situation and outstanding loan balance would have only gotten worse. The CML have failed to direct customers to the Financial Conduct Authority (FCA) rules on a home being sold after repossession because it often creates confusion over a Mortgage Lenders obligations and leads to more questions than answers. Council of Mortgage Lenders says house repossessions shot up in the last quarter but remain 10% lower than last year With the Mortgage having not been redeemed, the interest and management charges still accrue, increasing the outstanding balance of your mortgage account. This is a … The Council of Mortgage Lenders (CML) says repossessions fell by 26% to just 21,000, with mortgage arrears also falling to an eight-year low. The Council of Mortgage Lenders said the report was based on a “very skewed sample” of borrowers -- those … Most repossessed properties are no longer sold through auction like a lot of Homeowners believe, however, it is an Asset Management company that is usually paid to deal with a property from the point of taking the keys from the bailiff, right through to handing the keys to the new owner. The CML has predicted that 75,000 homes will be repossessed in 2009, almost double the 40,000 of last year. We are not limited to advising and assisting on residential mortgages, we also specialise in defending against Buy to Let Mortgages and commercial loans. For questions about the how the coronavirus COVID-19 will affect your mortgage. House repossessions are at their highest level for eight years and the rise is expected to continue, a BBC Wales investigation has found. If you need our help and advice, we are only a call away! The figures are from the Council of Mortgage Lenders, the industry body, which laid the blame on two factors: If permission is granted then an N161 form can be submitted. The Council of Mortgage Lenders (CML) have given general direction as to what happens AFTER repossession, after an increase of concern and a lack of public knowledge have caused an increase in enquiries. Source: Council of Mortgage Lenders and The Ministry of Justice. COVID-19: Reactivation of possession proceedings. We would like to show you a description here but the site won’t allow us. 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