Northern rock hit by repossessions

Story link: Northern rock hit by repossessions

While property values may have increased in January and the general interest around property is increasing slowly, it’s the masses that count and at the moment, the masses, or majority are defaulting on mortgage repayments.

Northern rock hit by repossessions

The data, from its Granite securitisation vehicle which was set up by the bank to raise money from investors, showed that the government owned bank suffered losses of £8.65m in December as a result of repossessing homes from those who had defaulted on their mortgages.
This compares with losses of £6.82m the month before.