Saturday, Aug 25, 2007
Subprime woes: Foreclosures at 8-yr high in UK
business standard: Subprime woes: Foreclosures at 8-yr high in UK
"Foreclosures are at an eight-year high, lenders have repossessed a record 14,000 properties in 2007, 30% more than at the same time last year, according to the Council of Mortgage Lenders. An additional 1,25,100 households are behind in their mortgage payments,"
Posted by frank @ 01:36 PM (326 views) Add Comment
3 Comments
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1. planning4acrash said...
Those 125000 in arrears will have to cut their spending drastically to avoid arrears, but any cut in outgoings could be absorbed by higher borrowing costs. We could match 1992 foreclosure levels some time next year if this continues, I think.
2. deepak said...
And they are still on the fixed/rebate/reduced term. Interesting things lie ahead when its comes for renewal this autumn. Any one knows how many payments you have to miss for reposession?
In US its only 3....in UK it is??
3. su said...
Deepak
"Any one knows how many payments you have to miss for reposession?"
Can't find specific answer to this, but Shelter outlines normal procedure and timescale for initiating repossession. (usually starts with letter from lender after 1 or 2 missed payments)
http//england.shelter.org.uk/advice/advice-2902.cfm#wipLive-12649-2
Another site which IMO uses scaremongering tactics (they are in the re-mortgageing business) suggests you could be in trouble after 1 payment - unless you're smart enough to take out another mortgage!
http//remortgage.wordpress.com/