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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
Northern Rock announces huge losses
Northern Rock has announced bigger-than-expected losses of £585.4 million for the first six months of the year.
Most of this came from struggling mortgage borrowers unable to repay their loans. The number of its residential mortgage customers in arrears rose from 0.38% of mortgages in June 2007 to 1.18% but it is still below the Council of Mortgage Lenders average of 1.21%. Reposessions rose from 2,215 to 3,710 but Northern Rock says this is because it is repossessing properties more quickly when it becomes clear that customers can not make their payments.
However, the bank did manage to repay £9.4 billion of a loan from the Bank of England, reducing the amount owed to £17.5 billion. The government will inject £3 billion to help Northern Rock’s finances, which is expected to come through pausing repayments of the loan made to the bank, with about £3 billion of that converted into equity.
- Responsible lending consultation welcomed by FLA
- Consumers expect rates to rise
- Economy slows further
- HIP laws being broken
- Intermediaries are realistic not disheartened
- Fixed rates peak in June
- Swiss Re buys Barclays Life
- Commercial lending weakens
- Logic 100 joins AIFA
- Most riding out the credit crunch
- Promise No Sale No Fee HIP boost
- MI roadshows highlight broker strength
- Sale and rent back consultation
- L&E complete conveyancing
- Complete retained by Platform
- NU relaunches equity release
- Consumer confidence continues to fall
- Stamp Duty speculation means fewer sales
- Reduction in rates is vital
- RBS & NatWest cut fixed and tracker rates