Mortgage arrears hit historic all-time low, reveals UK Finance

first_imgThe number of people in mortgage arrears is at its lowest level for 24 years when records first began, says banking industry trade body UK Finance.The unusually positive figures point to a recovering economy and a healthier housing market than expected, agents will be relieved to hear.“This has been helped by low interest rates and lenders supporting borrowers through periods of temporary financial difficulty wherever possible,” says Jackie Bennett, Director of Mortgages at UK Finance (pictured).UK Finance, which used to be called the Council of Mortgage Lenders, says there were 78,000 homeowners with mortgage in arrears of 2.5% or more of their outstanding balance during the first three months of the year, down 8% on last year and the lowest figure since 1994.The number of repossessions stood at 1,100, unchanged compared to the first three months of last year.Mortgage arrears among landlords are also reducing, down by 6% over the same period to 4,500 landlord, using the same measure, although some 1,100 landlords have arrears of more than 10%.Future problemsBut UK Finance has said these positive figures could soon go into reverse following the government’s recent decision to stop paying the interest on home loans of people who lose their jobs and apply for financial support via the benefits system. Instead of a benefit, the government will instead offer government-backed loans.“The recent change to Support for Mortgage Interest (SMI) from a benefit to a loan, as well as potential pressure on households from a future base rate rise, risk causing a reversal of this trend as the year goes on,” says Jackie.“Customers should not hesitate to contact their lender if they anticipate any payment problems and want to discuss what options are available. Repossession is always a last resort.”housing market repossession mortgage arears Jackie Bennett UK Finance May 10, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » Features » Housing Market » Mortgage arrears hit historic all-time low, reveals UK Finance previous nextHousing MarketMortgage arrears hit historic all-time low, reveals UK FinanceThe number of people who owe 2.5% or more of their outstanding balance has hit lowest point since records started in 1994.Nigel Lewis10th May 20180867 Viewslast_img read more

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Top speakers for BSB event

first_imgBakery industry leaders are to address the British Society of Baking’s two-day Autumn Conference, from 8-9 October at Coombe Abbey Park Hotel, Coventry.Speakers at the event include Nigel Doughty, MD of bakery chain Paul UK, Tesco category manager Neil Franklin, Mathiesons Bakeries MD George Stevenson and food writer Tom Bridge, who will talk about Christmas sandwiches.Crumb Structure Formation in Burger Buns and Soft Rolls will be looked at by John Cottrell, technical manager of ADM Milling, and Bakels’ product development manager Gary Gibbs will look at healthy bakery products.The event starts with a medieval banquet on 8 October, with the conference held on 9 October.Peter Jones, MD of Speedibake, and Paul Molyneux, technical director at British Bakeries will be chairing the morning and afternoon sessions at the conference.The organisers are hoping for a record attendence. For bookings, call Sharon Byrne at Bakels on 01869 247098 by 1 October.last_img read more

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Residents consider legal move over sex workers

first_imgRadio NZ News 14 October 2017Family First Comment: Here’s the hypocrisy of Chch Council and the Police…“The council has the Christchurch City Council Public Places Bylaw 2008, used to regulate street-based car window washing, and gave police the power to give instant $150 tickets for offences from 10 August 2017. The police said they could enforce window washing under the Public Places Bylaw because the problem was widespread, there was a high potential for harm for people involved, it was easy to monitor, and the potential for legal challenges were low. Police said they did not see street-based sex workers and window-washing as “similar issues”, according to a council report.”Rubbish!A Christchurch City Council committee this week voted down a proposed bylaw that would limit the areas sex workers can work, and opted instead for a non-regulatory approach.Residents in St Albans, a suburb north of the central business district, have been pushing for regulation for years, but police, the New Zealand Prostitutes’ Collective – and now the council committee – say a bylaw would be unenforceable.The legal argumentsThe Prostitution Reform Act 2003 decriminalised prostitution, and made it legal for sex workers to solicit clients on the side of the street.However, the Local Government Act 2002 allows the city council to implement bylaws which could regulate sex workers.Residents said section 145 of the Local Government Act could be used to help fix the situation in St Albans. It allowed councils to make bylaws for “protecting the public from nuisance”, “protecting, promoting and maintaining public health and safety”, or “minimising the potential for offensive behaviour in public spaces.”Council research found the Auckland and Wellington councils did not use section 145 to regulate street-based sex workers.The council has the Christchurch City Council Public Places Bylaw 2008, used to regulate street-based car window washing, and gave police the power to give instant $150 tickets for offences from 10 August 2017.The police said they could enforce window washing under the Public Places Bylaw because the problem was widespread, there was a high potential for harm for people involved, it was easy to monitor, and the potential for legal challenges were low.Police said they did not see street-based sex workers and window-washing as “similar issues”, according to a council report.Mr Bonis said his lawyers believed the council did have a responsibility under the Public Places Bylaw to regulate street-based sex workers.READ MORE: http://www.radionz.co.nz/news/national/341545/residents-consider-legal-move-over-sex-workerslast_img read more

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