remortgage news

The credit crunch is hit the High Street once again last month, with some retailers taking drastic measures to combat reduced consumer spending.

Retail sales dropped 0.1% overall in October – a drop which has mainly been attributed to the recent credit crisis, as more families face up to the possibility of redundancies and looking to juggle existing debt problems, such as previous loans and credit cards.

Mortgage arrears on controversial 125% mortgages are driving up the repossession rate of Northern Rock, according to the company's bosses.

The so called "Together" mortgages account for around one third of the nationalised bank's mortgage book yet make up half of the bank's mortgage arrears and three-quarters of repossessions.