View more on these topics

Govt tightens mortgage repossession rules

The Government has further tightened mortgage repossession rules by forcing lenders to engage with local authorities before taking any legal action.

Housing Minister John Healey has revealed that new court rules coming into force on October 1 will mean mortgage lenders must inform councils when repossession action is started against residents in their local area.

Healey says the changes will ensure councils can take early action, rather than waiting for worried homeowners to call.

These moves are on top of Government action in the courts to demand lenders prove they have exhausted every possible option before applying for a repossession order.

Healey has also written to all council leaders saying that when councils hear from lenders taking repossession action against local people this should prompt them to offer advice or support for the residents.

He says: “We are tightening the rules to help protect those struggling with their mortgages. There is support available at every stage of the repossession process but often, local authorities are unaware of the difficulties faced by residents until it’s too late.

“Thanks to these changes, councils will now have the ability to take early action for local homeowners, and go to them with the help they need rather than waiting for their call.”

Latest figures from the Council of Mortgage Lenders showed there were 11,400 repossessions between April and June this year – a 10 per cent drop on the previous quarter, and compared to a peak of 75,500 repossessions in 1991.


Online Sipp cuts out data re-entry

Former Winterthur chief executive Clifton Melvin has set up an online Sipp administrator offering a white-labelled service to IFAs and providers.

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm