Chief secretary to the Treasury Yvette Cooper has called for lenders to undertake measures to ensure less people having problems with mortgages end up being repossessed.
Cash-strapped homeowners considering selling their home and renting it back urgently need regulation to protect them, according to the consumer watchdog.
Simon Lambert, This is Money - 15 October 2008
An in-depth study by the Office of Fair Trading into sale and rent back firms has found some are misleading customers about the value of their properties and security as tenants.
Vulnerable homeowners unable to keep up with mortgage payments are being offered the ability to sell and then rent back their property by an array of firms, ranging from large companies to small buy-to-let investors.
But many receive much less than they could get on the open market, or even by selling at auction.
Despite some firms telling people they would be able to stay in their homes for years, with no increase in rent, there is no such guarantee. Full Article
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Ministers are struggling to secure more protection for homeowners facing repossession, with the judiciary and banks resisting pressure to show leniency beyond existing law
The National Landlords Association (NLA), the leading representative body for private-residential landlords, remains committed to further raising standards among landlords operating in the sale and rent back sector. Responding to the Office of Fair Trading (OFT) Market Study on sale and rent back recommending the need for statutory regulation by the Financial Services Authority (FSA), the [...]
Credit crunch hits the rich, as £11.6m property is repossessed If you think that the credit crunch only hits the lower-paid and the sub-prime, then the news of a £11.6 million home being repossessed in London’s swanky Holland Park will show how it is also (read more…) Category: Property / Real Estate, UK | September 22nd, 2008 | Comments (0) By:
Angela Pertusini predicts a rash of new series such as Repo Challenge and Mortgage Alert come summer 2009.
There is nothing new in an attempt by a government to boost its image by
giving householders help with their debts. In fact there is evidence of such
a strategy in AD117. A frieze in the British Museum's Hadrian exhibition
shows the newly elected Roman emperor winning hearts and minds by burning
the wax tablets on which the tax liabilities of the citizenry were
inscribed.
B2L repossessions hitting “innocent” renters Shelter, the housing and homelessness charity, says buy-to-let repossessions increased twice as fast as the whole mortgage market over the past year. Between the first half of 2007 and the first half of 2008 the number of buy-to-let mortgages ending in repossession rose by 100%, compared to a 48% rise across the mortgage market as a whole. Adam Sampson, chief executive of Shelter, said: “These figures show the shadow of repossession is no longer j
Under the Housing Act 1988, a landlord who has granted an assured shorthold tenancy has a legal right to get his/her property back at the end of the tenancy. For this to happen, the landlord is...
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