MPs’ expenses: investigation into ‘collusion’ over mortgage claims
May 19, 2009 by admin
Filed under Mortgage News
Parliamentary authorities, overseen by Michael Martin, the Speaker, gave secret permission for some MPs to over-claim for thousands of pounds in home loan interest in deals that led to the systematic abuse of the taxpayer-funded expenses system.
Ben Chapman, a Labour MP, admitted on Sunday night that he was allowed to continue claiming for interest payments on his entire mortgage after repaying £295,000 of the loan in 2002.
Mortgage rescue claim is rejected
May 13, 2009 by admin
Filed under Mortgage News
A woman was rejected by the government’s mortgage rescue scheme despite being the “perfect candidate”, according to financial advisers.
Donna Parsons was told that under the Mortgage Rescue Scheme the government would buy her home, pay off her debt and rent her home back to her.
But despite showing four bank letters threatening repossession she had not been sent one from her mortgage lender.
“There is just no flexibility, it must be notice from the lender,” she said.
Could you defer your mortgage payments?
May 8, 2009 by admin
Filed under Mortgage News
Homeowners struggling to meet their mortgage debt could be offered lower monthly repayments as part of a new government and banking initiative.
The Homeowners Mortgage Support (HMS) scheme is being offered by 10 banking groups and building societies, with other institutions lined up to join the scheme soon.
The scheme means that borrowers who suffer a temporary loss of income could cut their mortgage interest payments by up to 70% for up to two years.
Northern Rock to report second year of losses after mortgage arrears rise
May 8, 2009 by admin
Filed under Mortgage Arrears
Northern Rock will report a second year of losses following a rise in arrears and bad debts, the nationalised mortgage lender said yesterday.
Mortgage arrears increased in the first three months of the year, in line with the deteriorating economic conditions, according to the bank’s first-quarter trading statement.
The size of the losses could exceed the £900m of last year, though the switch in its strategy from repaying a £27bn government loan to becoming a major engine of lending growth makes calculating the size of the loss difficult.