Subscribe to The Money StopNews Feed

Browse > Home / News, News-Mortgages / Northern Rock cuts its repossession numbers

Northern Rock cuts its repossession numbers

November 25, 2009 by admin  
Filed under News, News-Mortgages

1 Comment

The nationalized mortgage lender Northern Rock has recently announced that it has managed to cut its mortgage repossession numbers as a result of the housing boom seen over the summer period. The bank has also seen stabilisation of the number of mortgage customers on its books that are in arrears with their mortgage repayments.

Before releasing its figures the lender said that it expected to see the number of repossessed homes that were on its books fall by around 50 percent compared to last year, falling to around two thousand.

Another factor that has helped repossession numbers for Northern Rock to come down compared to last year is the fact that, like some other banks, it is now using repossession as a last resort rather than taking repossession action as early on as possible, and this has helped give homeowners and the lender time to reach a mutually effective solution.

The banks said that it was expecting the increase in the number of customers that were in mortgage arrears to be only a slight one, which would indicate that there were signs of stabilisation.

In the meantime the European Union has said that Northern Rock can be split into two businesses, which will mean that part of it can be privatized again. By the end of this year the bank is expected to owe around £27 billion to the taxpayer, and it is likely that it could take another decade or so to repay this huge debt.

There are concerns over when the split may take place, and Vince Cable from the Liberal Democrats said: ‘The Government should resist the temptation to use Northern Rock for its own political ends by selling it off before the General Election. It should only be sold when market conditions are right and the taxpayer gets a good return on their investment.’

Tags: general election, northern rock, taxpayer, northern rock repossessions, lender

Tags:

Related Entries

  • Repossessions fall in second quarter
    • Since the onset of the global credit crunch, and with interest rates having soared over 2006 and 2007, many homeowners have struggled to keep up with their mortgage repayments, which led to soaring repossession levels
  • Northern Rock forced to cut savings accounts
    • Just a year ago Northern Rock was being branded the victim of the first run on a British bank in almost 150 years, and customers were flocking to get to the bank and take out
  • Taxpayers pay bonus for Rock employees
    • Over recent months the government has been using taxpayers' money for a variety of purposes, sparking concern amongst opposition parties and the public with regards to how the public purse is being used. However, according
  • Northern Rock causes saver caution
    • Savers are being far more cautious with the money that they put into savings following the recent credit squeeze and subsequent Northern Rock scare, price comparison site Peopleschampion.com has revealed.Conducting polls of people standing in
  • Widow fined £800 by Northern Rock
    • A woman who previously had tens of thousands of pounds worth of savings with ailing bank Northern Rock was outraged when she was hit with an £800 fine from the bank for withdrawing her savings,
  • Another drop in Northern Rock shares
    • Following the turmoil and chaos that took hold in September of this year, high street lender Northern Rock has seen its share prices plummet yet again, this time falling to their lowest level yet. According
  • Northern Rock benefits from HBOS takeover
    • This time last year Northern Rock was fast becoming known as one of the first major victims of the global credit crunch in the UK, with rumours that it was on the verge of collapse
  • Impact on Northern Rock could have been softened
    • In a recent report the chairman of the Financial Services Authority, Callum McCarthy, has stated that the impact on stricken lender Northern Rock could have been softened had consumers been made more aware of the

Comments

One Response to “Northern Rock cuts its repossession numbers”
  1. Tony Cartman says:
    December 1, 2009 at 5:13 pm

    Cut the repossession numbers show that the situation is getting better over there. N.Rock is a place that suffered a lot with foreclosures and it’s good to see a better situation

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!