Seema Malhotra, Labour MP and Co-Chair of the All-Party Parliamentary Group on Mortgage Prisoners, added: “We are hearing from mortgage prisoners who are struggling with bills and terrified that further interest rate rises will push them over the edge. We need urgent action from the Government and the FCA so that mortgage prisoners get a fair deal.
Part of the problem is that many mortgage prisoners’ loans are not with active banks but instead with what is known as “non-lending entities”. These effectively function as debt collectors now. Because they are not banks, these entities sit outside of the FCA’s banking enforcement remit. In 2021, the FCA published guidelines as to how mortgage prisoners should be treated. Sometimes, inactive lenders are owned by active lenders and even high-street banks. The FCA urges active lenders who own entities such as Southern Pacific Mortgages to offer mortgage holders a new deal where possible.
However, the FCA’s guidelines cannot be enforced. “They can’t actually intervene and help people,” Ms Neale told“Inactive lenders are becoming lawless,” she added. “We are calling for a moratorium on repossessions for mortgage prisoners.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mother-and-baby homes: 'One of the greatest scandals'Children who grew up in mother-and-baby homes urge politicians to press forward with public inquiry.
Source: BBCNews - 🏆 3. / 97 Read more »
New school, offices and hundreds of homes among huge developmentsThere are a number of vast new developments
Source: nottslive - 🏆 96. / 52 Read more »
More than 550 hampers provided to homes in need by Shrewsbury foodbankA Shropshire food bank has confirmed it provided more than 550 Christmas hampers to homes.
Source: ShropshireStar - 🏆 98. / 51 Read more »
Mother-and-baby homes: 'One of the greatest scandals'Children who grew up in mother-and-baby homes urge politicians to press forward with public inquiry. ChrisPageTV DanielGenealogy any insight for your work? 🙂
Source: BBCNewsNI - 🏆 95. / 52 Read more »
Towers, arenas and homes: The big list of major Manchester developments in 2023New towers, a groundbreaking arena and loads of homes: The big list of what's coming to Manchester in 2023
Source: MENnewsdesk - 🏆 23. / 69 Read more »
Selfish drivers mount pavement outside family homes putting pedestrians at riskSHOCKING footage shows selfish drivers mounting the pavement to dodge a road closure. Cars in Southall, West London, were caught blatantly ignoring the signage telling them they couldn’t pass… The solution is simple, refashion curbs into stunt ramps, they will still mount pavements, from greater heights instead 😁, or bollards, they however would be less fun. 🤦♀️Not surprised-I was driving on a dual carriage and there had been a big storm that day and trees were down on the other side-So the drivers should use spaces before blocked side with tree to crossover and turn back but NO they used them to drive straight into oncoming cars!🤷♀️
Source: TheSun - 🏆 64. / 61 Read more »