We've repossessed just eight homes, Co-op claims

28/04/2009

A UK bank has cut the number of repossessions it launches in half - because of its own "responsible" lending.

The Co-operative Bank said in a report yesterday that fewer of its customers were having a hard time paying off their mortgage, as they were careful about who they lent to and only saw repossession as a "last resort".

In total, just eight repossessions have been dealt with by the firm over the past six months.

More and more Brits have been struggling with their mortgages recently, as the credit crunch and recession causes rising job losses and stretching budgets.

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."

Figures from the Council of Mortgage Lenders (CML) show that repossession numbers in the UK shot up from 27,000 in 2007 to hit 40,000 last year.

However, the CML predicts that this total will hit 67,000 in 2009 as the recession drags on.

Tags; Debt Management and Banking, Young Family Finances,

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