The Co-operative Bank Leads the Way in Responsible Lending and Sees 50% Fall in Repossessions
Against a backdrop of the mortgage industry prediction of 75,000 repossessions this year, new figures from The Co-operative Bank Mortgages show that the number of repossessions at The Co-operative Bank has actually halved over the past 12 months.
London, UK (PRWEB) June 2, 2009 -- Against a backdrop of the mortgage industry prediction of 75,000 repossessions this year, new figures from The Co-operative Bank Mortgages show that despite the current economic climate, the number of repossessions at The Co-operative Bank has actually halved over the past 12 months.
Figures from the Council of Mortgage Lenders estimated that the number of repossessions during 2009 will jump by 67% to 75,000. However, over the last 6 months The Co-operative Bank has only been involved in 8 repossessions* (0.015% of its mortgage book), compared to 16 repossessions in the preceding 6 month period.
Terry Jordan, Head of Mortgages at The Co-operative Bank, said: "Our repossession figures as a proportion of our mortgage book are extremely low, when compared with the industry average. We are committed to helping people stay in their homes and we always view repossessions as a last resort. Our responsible approach to lending has also resulted in a strong mortgage book as we believe in only lending to people what they are able to afford."
"If any of our customers do face difficulties, we have a dedicated team of personal mortgage advisors able to give advice to customers on how to manage their finances and deal with any problems at the earliest stage."
The Co-operative Bank personal mortgage advisors work on a pre-booked appointment system, with each initial consultation lasting for approximately one hour. This gives the advisors a complete picture of the customers' situation. Each case is different and we provide customers with a personalised solution, arranging a new payment plan, changing the way the customer makes a payment or even changing their type of mortgage.
The Co-operative Bank has the following tips to help homeowners who may be experiencing difficulty with their mortgage payments:
| | - Let your mortgage provider know as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly.
- Seek debt advice if you would like help with managing your finances.
- Make sure you keep any other people paying the mortgage, and anyone guaranteeing the mortgage, up to date with what is happening.
- Keep to the payment plan you agree with your mortgage lender, or tell them if there is a change in your circumstances which may affect the arrangement.
- Check whether you can get any state benefits or tax credits which could help to increase your income.
- If you have an insurance policy, check whether it would help with your payments.
|
For more information on The Co-operative Bank and the services offered which include home insurance and car insurance cover. Visit our site at http://www.co-operativeinsurance.co.uk/
###
Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/Q3Jhcy1QaWdnLUhvcnItQ3Jhcy1IYWxmLUNvdXAtWmVybw==
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
