Northern Rock: Repossession king

Oct 16, 2008 | Comments 2

Northern Rock has been branded the most aggressive and ruthless bank in repossessing properties, with figures out showing that the nationalised bank is taking back 32 homes a week. In the three months to the end of September this year Northern Rock repossessed 4,201 home, this figure being far higher than most other mortgage companies and a 20 percent rise on the previous quarter.

Shocking figures out show that one home in thirty-six being repossessed by Northern Rock according to the Council of Mortgage lenders.

There were 18.900 homes repossessed in the first half of 2008, which compared to the 40,000 homes repossessed in the early 1990s in a six month period seems fairly moderate. However, experts warn that we will see the full extent of the credit crunch and how it has affected the amount of homes being repossessed. Adding that it can take several months after a homeowner falls into problems paying the monthly mortgage payments before a mortgage company finally takes the home back.

Source: Telegraph

Filed Under: Mortgage News

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  • Ian

    Does it not occur that perhaps Northern Rock was more prepared than other lenders to extend mortgages to people that could least afford it, and that this is why there are more repossessions? Could this perhaps have contributed to the problems that Northern Rock managed to get themselves into before the government stumped up taxpayers money to save them?

    Please try and consider the whole picture BEFORE jumping off on a single statistic.

  • http://petitions.number10.gov.uk/nr-rate-cuts/ Dan

    Perhaps Northern Rock’s whopping standard variable rate of interest (now 1% higher than the average major lender) isn’t helping?

    Northern Rock customers sign the petition!