Qualified advisers answering your
Financial Questions
call 0800 092 1245

Government to tackle repossession loophole

The UK government is set to tackle a loophole in repossession proceedings which allows some companies to avoid going to court to repossess properties. The situation arose last year when a mortgage company sold on a properly in which the owner was in arrears and when the new owner took control they evicted the owners on trespass grounds. This is most certainly not how the UK government intended the repossession process to develop!

While it would be unfair to say that all mortgage companies are using this particular loophole, the government is very keen to close the door on this particularly savage act. As more and more people come to terms with the fact their homes will be repossessed, with estimates of around 50,000 homes this year, the government is adamant that homeowners should be given as much time as possible to "get back on track".

The UK mortgage industry has come in for severe criticism over the last few months with remortgage deals only now starting to reappear, allowing many people to refinance and rebalance their financial position. The UK government has attempted on numerous occasions to assist homeowners who are trouble but more often than not, as we saw above, mortgage companies can find a way around these new regulations.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details