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)
6 thoughts on “Legislation to stop one btl repo – legal aid only for homeowners”
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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.
confused76 says:
This is good news. Anything that increases the cost of lending, including cost of distress, will depress house prices further
confused76 says:
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!!
hpwatcher says:
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.
fallingbuzzard says:
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.
Tom101 says:
Banks don’t need to reposess to own the occupants.