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Mortgage repossession. In the United Kingdom, a lender can take possession of a person's home due to default on a mortgage. This process is incorrectly often known as "mortgage repossession"; however, assets can only be repossessed if the lender was the seller, which is often the case with cars but not usually with houses.
The mortgage industry of the United Kingdom has traditionally been dominated by building societies, the first of which opened in Birmingham in 1775. [1] But since the 1970s, the share of new mortgage loans market held by building societies has declined substantially. Between 1977 and 1987, the share fell drastically from 96% to 66%, and that of ...
More recently in the UK, however, repossessed properties have been offered without fee to the seller, but with a buyer's premium of 10%. The buyer's premium has been characterized by auction houses as a necessary contribution to the costs of the administrative process, although some in the auction-buying community see it as an unreasonable ...
HOUSE-BUILDING AND PLANNING - Before the 2019 election, the Conservatives promised to get 300,000 new homes built annually in England by the mid-2020s. But plans to relax planning rules were ...
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. [1] [2]
Housing in the United Kingdom represents the largest non-financial asset class in the UK; its overall net value passed the £5 trillion mark in 2014. [1] Housing includes modern and traditional styles. About 30% of homes are owned outright by their occupants, and a further 40% are owner-occupied on a mortgage.
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