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mrpleasant

Repossession Numbers Grossly Misreported?

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According to a small story in the Mail on Sunday, lenders who pursue repossession through the courts don't make the statistics unless they fall under the auspices of the CML. The type of small lender most likely to hit the panic button is very likely not a member - approximately 3 out of every 5. That's HUGE and suggests the 'low' repossession numbers reported recently as a factor underpinning prices are nothing of the sort. Not sure if this highlights typical shallow journalism, typical media over-optimism or typical shadowy property industry guff. Whatever it is, it's typical.

Edited by mrpleasant

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I think most mainstream mortgage lenders are now on CML's panel now. The hardcore adverse, self cert lenders, Swift, Gemac, Preferred, Mortgages Plc , First National etc do not report to the CML. Many of these were funded by $ many of them no longer lend. They act very quickly on missed payments.

I don't think the 2nd charge lenders figures are reported either. The real repo number is a lot higher than the cml are declaring (and they know it)

http://www.dailymail.co.uk/money/article-1358696/My-mortgage-10---Im-trapped-possibility-remortgaging-elsewhere.html

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I expect jingle mail doesnt appear either...no order is issued or needed if the owner hands possession over volantarily.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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