Tuesday, December 29, 2009

Legislation to stop one btl repo – legal aid only for homeowners

Repossession loophole to be closed

The problem came to light last year after a buy-to-let lender repossessed a property after the borrower got into arrears. The Government also said more than 33,000 people had been helped during the year to the end of September by a scheme under which homeowners facing repossession hearings at courts are given free advice.

Posted by matt_the_hat @ 07:26 AM (1237 views)
Please complete the required fields.



6 thoughts on “Legislation to stop one btl repo – legal aid only for homeowners

  • mark wadsworth says:

    Another triumph for Home-Owner-Ism!

    I do wonder sometimes why anybody bothers actually paying their mortgage, or why banks would actually lend to anybody, knowing it’ll be difficult to get their money back.

    Reply
    Please complete the required fields.



  • This is good news. Anything that increases the cost of lending, including cost of distress, will depress house prices further

    Reply
    Please complete the required fields.



  • As reported by the Times

    http://business.timesonline.co.uk/tol/business/law/article6969876.ece

    this is truly the end of easy lending. now with the easy repossessions ruled out and under the control of the more and more political Courts, forget about banks lending to home owners based on asset values. Back to the old stable salary multiples!!
    WOW!!

    Reply
    Please complete the required fields.



  • Some good points, above. Banks need to be ABSOLUTELY sure that people are going to be able to pay the money back, before they lend…..unless of course, the government is holding a gun to their head to force them into lending more.

    Reply
    Please complete the required fields.



  • Typical press. Focus on some minute issue and miss the big one, the rise of charging orders, which conveniently creates the illusion that consumers are reducing their unsecured lending rather than it being done for them.

    Reply
    Please complete the required fields.



  • Banks don’t need to reposess to own the occupants.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>