Legal hurdles to the new repossession
law have arisen after local courts put the brakes on the supposedly faster process for banks to reduce non-performing loans (NPLs).
Of the repossessions
recorded last year, 16,100 were on owner-occupied homes and 4,900 on buy-to-let properties.
Both the UK owner-occupier sector and the buy-to-let sector have seen overall total reductions in arrears and repossessions
. The CML figures revealed that out of a total of 5,000 repossessions
, 1,100 were on buy-to-let mortgages, which represented a slightly higher repossession
rate of 0.07% in buy-to-let than the overall and owner-occupier rate of 0.04%.
THE number of new mortgage repossession
cases coming before the courts here is the lowest since 2007.
When it comes to repossessions
, some of them do whatever requires the least amount of effort and resources, according to AFG.
The CML said the slight quarteron-quarter increase in repossessions
was a normal seasonal upturn.
(41) In such cases, courts correctly applied the law in finding the repossessions
ULSTER Bank has begun sending out repossession
notices to mortgage holders in arrears.
generally occur months or even a year or more after the first notice of default on a mortgage is sent.
A total of 8,200 properties were repossessed in the third quarter of this year, down from 8,500 over the summer and marking the lowest number of repossessions
seen in a single quarter since 2007, the Council of Mortgage Lenders (CML) said.
There were 8,500 repossessions
between April and June this year, marking the lowest quarterly total since the last three months of 2010, the Council of Mortgage Lenders (CML) said.