Shelter has told Channel 4 News that from January to June 2008, the total number of repossessed properties on Northern Rock's books was three and a half times the industry average.
In the last six months of 2007 it was already more than two and a half times the industry average, according to Shelter's analysis (see figures below).
January - June 2008
Northern Rock: 3710 properties repossessed (Northern Rock half year statement)
This figure equates to 0.56% of Northern Rock stock.
Shelter's says that the industry average is 0.16%.
According to Shelter the gap has widened from last year:
July - Dec 2007 (Shelter figs)
Industry average 0.11%
Northern Rock 0.29%
This morning Northern Rock insisted that it only takes its mortgage customers to court as a last resort. In a statement the bank said:
"The Company refutes any suggestion that we have adopted an overly aggressive stance to repossession."
Continues:
"However, in certain circumstances where a reasonable agreement cannot be reached with a customer and arrears are accumulating at significant levels,it may not be in the best interests of the customer or the company to forebear and repossession becomes the only option available."
