Mortgage News Cooperative Bank Mortgages Buck Trend With 50 Per Cent Fall In Repossessions 3331

Co-operative Bank mortgages buck trend with 50% fall in repossessions

18 May 2009 / by Rachael Stiles
The Co-operative Bank has bucked the trend of the wider mortgage market by announcing a 50 per cent decline in the number of repossessions it has enforced so far this year.

Compared to the repossession figures released last week by the Council of Mortgage Lenders, which revealed a 50 per cent increase in the number of houses which have been repossessed in 2009, the Co-operative has cut its repossessions by half in the last 12 months.

Only eight Co-operative Bank mortgage customers have had to suffer repossession in the last 16 months, the lender said, which only accounts for 0.015 per cent of its mortgage book.

“Our repossession figures as a proportion of our mortgage book are extremely low, when compared with the industry average,” said Terry Jordan, head of Co-operative Bank mortgages.

“We are committed to helping people stay in their homes and we always view repossessions as a last resort,” he continued. “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.”

Mr Jordan urges any customer having difficulty keeping up with their mortgage payments to contact the bank immediately to get advice from the Co-operative’s dedicated team of personal mortgage advisors.

The Co-operative Bank’s mortgage advisors can arrange a new payment plan, change the way the customers makes their payments, or even change the type of mortgage they have if there is one that it more suitable, the bank said.

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Written by Editorial Team