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richcrashman

Repossessions Down 9% In Q2

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Just on BBC that repossessions were down 9% in Q2. Signs of an end to the down turn!

More like the banks being told to lay off and the Goverment paying mortages.

Q2 certainly was very quiet. Things have changed, my contact who works in the repo industry reports things picked up mid August and has been getting steadily busier approaching end 08 figures. They were quiet to point of expecting lay offs in Q2, now they are hiring more staff.

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Just on BBC that repossessions were down 9% in Q2. Signs of an end to the down turn!

More like the banks being told to lay off and the Goverment paying mortages.

Q2 certainly was very quiet. Things have changed, my contact who works in the repo industry reports things picked up mid August and has been getting steadily busier approaching end 08 figures. They were quiet to point of expecting lay offs in Q2, now they are hiring more staff.

For the unemployed it is not just the mortgage interest that is being paid - at maximum limit (200,000) that makes a 12K bung on top of other claims - well over an above the interest rate being charged n trackers on the like.

http://www.jobcentreplus.gov.uk/JCP/Custom...016128.xml.html

The SIR is normally based on the Bank of England interest rate plus an additional 1.5 per cent. However, in November 2008, the Government froze the SIR at 6.08 per cent for six months, for all existing and new SMI customers, including those claiming Pension Credit. In the Budget, the Chancellor announced that the SIR freeze would be extended for a further six months to the end of December 2009, in order to provide continued support for homeowners.

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I get the feeling they are expecting to be very busy soon. I also get the feeling that they were busier than expected in August. The extra recruitment was planned when it was still very quiet and was planned for september. This probably fits in well with what you say about this generous rate ending.

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For the unemployed it is not just the mortgage interest that is being paid - at maximum limit (200,000) that makes a 12K bung on top of other claims - well over an above the interest rate being charged n trackers on the like.

http://www.jobcentreplus.gov.uk/JCP/Custom...016128.xml.html

The SIR is normally based on the Bank of England interest rate plus an additional 1.5 per cent. However, in November 2008, the Government froze the SIR at 6.08 per cent for six months, for all existing and new SMI customers, including those claiming Pension Credit. In the Budget, the Chancellor announced that the SIR freeze would be extended for a further six months to the end of December 2009, in order to provide continued support for homeowners.

This of course means that anyone lucky enough to be on a tracker and in receipt of SIR, will either be able to pay off some capital, be using the extra money for normal expenditure, or could afford to pay the interest on a larger mortgage, than the 200k cap. If someone has a 400k mortgage, on a good tracker, they may still in effect get all their interest paid. However, if the tracker lapses, they may be forced to sell up, as the interest will no longer be covered.

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More like the banks being told to lay off and the Goverment paying mortages.

I thought that only a handful of people were eligible for these new schemes. I am fairly confident that if you're made redundant, you won't get your mortgage interest paid just like that. Maybe if a couple, both were made unemployed, or for some other reason, but not routinely.

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It's pretty obvious repossessions are being held off until after the election, maybe we won't see that many in the winter. I think I'm right in saying BTL does not qualify for any government help though, and given the tough rental market, there could be a lot of movement there.

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It's pretty obvious repossessions are being held off until after the election, maybe we won't see that many in the winter. I think I'm right in saying BTL does not qualify for any government help though, and given the tough rental market, there could be a lot of movement there.

Yep, that's the plan.

Then it will be the nasty Tories evicting hard working indebted families.

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I think we will see an uptick in Q3 and be be back to the numbers at the start of the year for Q4.

It will be interesting to see what happens from october onwards. End of last year they were taking over 100 a day!

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I thought that only a handful of people were eligible for these new schemes. I am fairly confident that if you're made redundant, you won't get your mortgage interest paid just like that. Maybe if a couple, both were made unemployed, or for some other reason, but not routinely.

MIR is very common - overpayment of interest after 13 weeks on jobseekers.

MRS is very uncommon - still only a few dozen approved cases in England, a fair bit more in Wales where they have their own scheme.

The levelling out of repos will continue until the bond market says NO! or another bank blows. I've been hoping for the massively overleveraged Barclays, but they seem to be playing a smart game.

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Repossessions are going up again.

They certainly are near me since the next door property was repossessed today. Mark you the couple who lived there were made bankrupt nearly a year ago and it has taken the numpties at NOR over nine months to get their a*se in gear. In the interim the former occupants have stripped and flogged almost everything of value including the radiators. Nice to know that the taxpayers money is being so well protected by our chums in Newcastle.

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