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A Bill has been introduced to provide that the repossession of residential
property may be sought only under certain conditions.
The Bill aims to rationalise the regulation of mortgage repossessions and is
designed to protect borrowers hit by circumstances outside their control that
make it difficult for them to meet their mortgage repayments.
When published, the proposals in the Bill are likely to include:
A single regulatory regime for secured loan products
with one regulator: At present, some loans are regulated by the
FSA under its mortgages regime and some are regulated by the Office of Fair
Trading under the new consumer credit legislation.
A pre-court protocol for mortgage repossessions:
The court would have to take into account the length of time a borrower
had been in the property before deciding whether to make an order for
repossession.
The Bill has been ordered to be read a second time on 14 July, but lack of
Parliamentary time may prevent the Bill from becoming law.
Source:
Getting Paid
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