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Charity calls on Government to act on repossessions

Money Advice Trust is calling on the Government to review the repossession action taken by sub prime lenders not regulated by the FSA.

The charity’s chief executive Joanna Elson met with Chief Secretary to the Treasury Yvette Cooper, Economic Secretary to the Treasury Kitty Ussher and Housing Minister Caroline Flint today after the Government announced a £10m package to assist borrowers facing financial difficulty.

Elson proposed the Government review the qualifying conditions for state supported mortgage payments, the feasibility of creating a national mortgage rescue scheme and the implementation of the early protocol on repossession action, drafted by the Civil Justice Council.

Elson says: “At National Debtline we saw a 35 per cent increase in enquiries from callers with mortgage arrears in January 2008 compared with January last year. The increase suggests homeowners are feeling the effects of the credit crunch and of the three interest rate rises during last year. It is imperative during these difficult times that the Government, the banking industry and the advice sector work in partnership to minimise the number of homeowners getting into serious difficulty and keep people in their own homes wherever possible”.

Money Advice Trust and the Council of Mortgage Lenders have produced a leaflet to offer early advice for the estimated 1.4 million homeowners due to come off their fixed rate mortgage deals this year.


Direct deal dilemmas

So the FSA moved last week to say that mortgage advisers can charge for advice when recommending that clients take out a mortgage direct from a lender.

Crunch to raise PI costs

Professional indemnity insurance premiums for mortgage brokers of less than £500 are likely to be a thing of the past, says PI broker PYV.

Brexit Commentary from Natixis Global Asset Management

By David F Lafferty, CFA, SVP – Chief Market Strategist Thursday’s historic Leave vote in the UK will have both immediate and long-term consequences for the global economy and financial markets. The initial flight-to-quality reaction across asset classes has been exacerbated by the market’s misplaced confidence in a Remain victory leading up to the vote. Stock markets […]


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