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Homeowners to be protected from repossessions
23/10/2008
Debt recovery procedures for homeowners in Northern Ireland and other areas in the UK facing mortgage trouble have been put in place by the government.
New measures introduced now require mortgage lenders to prove they tried to offer some help to property owners before settling for repossession, which the government says should be a last resort.
"We need to make sure we help those who might be hardest hit in the tougher times ahead, ensuring repossession is the last resort not the first," said Chief Secretary to the Treasury, Yvette Cooper.
Solicitors may want to know that homeowners will also be protected from exploitation by sale and rent back schemes, which the government proposes should be put under FSA regulation.
According to a recent Office of Fair Trading study into the sale and rent back market published last week, some of the schemes were defrauding homeowners of their assets in dodgy deals.
Contact us for legal advice
New measures introduced now require mortgage lenders to prove they tried to offer some help to property owners before settling for repossession, which the government says should be a last resort.
"We need to make sure we help those who might be hardest hit in the tougher times ahead, ensuring repossession is the last resort not the first," said Chief Secretary to the Treasury, Yvette Cooper.
Solicitors may want to know that homeowners will also be protected from exploitation by sale and rent back schemes, which the government proposes should be put under FSA regulation.
According to a recent Office of Fair Trading study into the sale and rent back market published last week, some of the schemes were defrauding homeowners of their assets in dodgy deals.
Contact us for legal advice
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