Co-operative Bank claims repossession figures are low
www.moneynews.co.uk > Mortgages > Co-operative Bank claims repossession figures are low
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Co-operative Bank claims repossession figures are low
Mon 27th Apr 2009
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According to the bank, the Council of Mortgage Lenders estimates that the number of repossessions for 2009 will increase by 67 per cent, meaning some 175,000 people stand to lose their homes.
The Co-operative Bank's figures show that it was involved in just eight repossessions last year. This represents a fall of 50 per cent compared with 2007 and accounts for less than one per cent of the bank's mortgage book.
Terry Jordan, head of mortgages at the Co-operative Bank, said: "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."
The Co-operative Bank prides itself on its ethical lending and borrowing policies. As a co-operative, it is owned entirely by its members.
Click here for more mortgage news
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Related News : Cooperative |
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