As highlighted in the press today there are 3.3M people who have interest only mortgages and 1.7M of those do not have a repayment vehicle in place. As it stands these people cannot benefit from the Financial Conduct Authority Rules and the Legal Precedence that protects mortgage holders who are facing the threat of repossession as a result of arrears on their mortgage.
Indeed many people who have these mortgages are not in arrears and many will have never had any financial issues. However, once the term of the mortgage has expired there is no legal protection they can turn to force the lender to extend the term.… Read more >>
In response to the recent news issued by the CML regarding the support for the Mortgage Rescue Scheme in our experience the scheme has not achieved the objectives it was originally set out to deliver. The Mortgage Rescue Scheme, introduced in January 2009 by the Department for Communities and Local Government (DCLG), helped 2,600 households in two years, less than half the 6,000 expected. It also exceeded the budget of £205m by £35m, meaning the average cost of each rescue was £93,000 compared to an expected cost of £34,000.
In 2011 The National Audit Office said the Department for Communities and Local Government misjudged the levels of demand for the two choices, believing most households would choose an equity loan – the cheaper option for the taxpayer.… Read more >>
Lender & Court Services welcomes the news that the OFT will investigate “Quick House Sales”. For a long time now we have always stated that those in financial difficulty especially those facing repossession should not turn to a fast sale company without looking at all the options available. We accept that in some circumstances, there are other reasons why someone might want to sell their home quickly.
Lender & Court Services is a firm of Certified Paralegals that help people who are facing repossession or eviction proceedings. We can instruct court representation in Mortgage Repossession cases throughout England and Wales we know that in most cases Repossession can be stopped without having to sell your home at all, let alone “Below Market Value”.… Read more >>