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07/08/2009
Mortgage Repossession 'Last Resort'
It has emerged that new legislation will require that judges in Northern Ireland should now see repossession proceedings against homeowners as a last resort.
According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
It also includes a requirement that lenders demonstrate there is no reasonable alternative before a home can be repossessed.
NI Social Development Minister Margaret Ritchie today welcomed the fact that lenders seeking to repossess homes, should view it as a measure of last resort.
The protocol will come into effect in Northern Ireland on 5 October and if a lending institution seeks to repossess a property it will continue to do so through a Court Order. However, the Courts have introduced new arrangements to ensure the lender engages more with the borrower to seek agreement, before the Courts will consider issuing a repossession order.
Margaret Ritchie said: "These new protocols are a much needed boost for those people who at present get into mortgage difficulties and then suffer the shock of a repossession order landing on their doormat.
"The Courts should be very much a last resort for lenders to seek repossession and I welcome that this will now take place," she said, noting that helping those in genuine mortgage debt is a priority.
"I have increased significantly the money available for Housing Rights Service to ensure they have advisers who specialise in helping those in mortgage debt. These Protocols introduced by the Courts will provide further assistance."
Several other initiatives already exist to help those struggling with mortgage payments.
Support for Mortgage Interest , was introduced in January this year, and entitles homeowners on Income Support, income-based Jobseeker's Allowance, or income-related Employment and Support allowance, to support on mortgage interest payments after 13 weeks.
The Homeowners Mortgage Support which was announced last month is a UK wide Government backed initiative.
This Government guarantee scheme is appropriate for home owners who have encountered a short term reduction in income which impacts on their ability to meet their mortgage payments.
It will enable homeowners to defer a proportion of their mortgage interest payments for a maximum period of up to two years.
The main banks will determine eligibility in accordance with the criteria set by the Government.
(BMcC/JM)
According to details just made public, this is part of a repossession protocol which has been announced by the Lord Chief Justice, Sir Declan Morgan.
It also includes a requirement that lenders demonstrate there is no reasonable alternative before a home can be repossessed.
NI Social Development Minister Margaret Ritchie today welcomed the fact that lenders seeking to repossess homes, should view it as a measure of last resort.
The protocol will come into effect in Northern Ireland on 5 October and if a lending institution seeks to repossess a property it will continue to do so through a Court Order. However, the Courts have introduced new arrangements to ensure the lender engages more with the borrower to seek agreement, before the Courts will consider issuing a repossession order.
Margaret Ritchie said: "These new protocols are a much needed boost for those people who at present get into mortgage difficulties and then suffer the shock of a repossession order landing on their doormat.
"The Courts should be very much a last resort for lenders to seek repossession and I welcome that this will now take place," she said, noting that helping those in genuine mortgage debt is a priority.
"I have increased significantly the money available for Housing Rights Service to ensure they have advisers who specialise in helping those in mortgage debt. These Protocols introduced by the Courts will provide further assistance."
Several other initiatives already exist to help those struggling with mortgage payments.
Support for Mortgage Interest , was introduced in January this year, and entitles homeowners on Income Support, income-based Jobseeker's Allowance, or income-related Employment and Support allowance, to support on mortgage interest payments after 13 weeks.
The Homeowners Mortgage Support which was announced last month is a UK wide Government backed initiative.
This Government guarantee scheme is appropriate for home owners who have encountered a short term reduction in income which impacts on their ability to meet their mortgage payments.
It will enable homeowners to defer a proportion of their mortgage interest payments for a maximum period of up to two years.
The main banks will determine eligibility in accordance with the criteria set by the Government.
(BMcC/JM)
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10 November 2009
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Ireland's banks have succumbed to Government pressure to offer a moratorium on debtors. The ten biggest mortgage lenders in Ireland finally pledged today to offer homeowners more time to pay back arrears before taking legal action against them.
Banks Relent To Help Debt-Hit
Ireland's banks have succumbed to Government pressure to offer a moratorium on debtors. The ten biggest mortgage lenders in Ireland finally pledged today to offer homeowners more time to pay back arrears before taking legal action against them.
21 February 2011
Numbers In Mortgage Arrears Rise By 5,000
Figures from rating agency Moody's has revealed 5,000 more mortgage-holders are now in arrears across the Irish Republic. Moody's said last week that 45,000 homeowners have failed to make a repayment for three months or more. The figures are on top of an estimated 40,000 others who have had to ask their lender to reduce the cost of monthly bills.
Numbers In Mortgage Arrears Rise By 5,000
Figures from rating agency Moody's has revealed 5,000 more mortgage-holders are now in arrears across the Irish Republic. Moody's said last week that 45,000 homeowners have failed to make a repayment for three months or more. The figures are on top of an estimated 40,000 others who have had to ask their lender to reduce the cost of monthly bills.
18 November 2010
No 'Debt Forgiveness' On Mortgage Arrears
A leading mortgage group has said they will not be recommending a formal 'debt forgiveness' scheme for mortgage holders in serious arrears. The announcement comes after yesterday's figures from the Central Bank, which revealed one in 20 Irish mortgages have been in arrears for over 90 days.
No 'Debt Forgiveness' On Mortgage Arrears
A leading mortgage group has said they will not be recommending a formal 'debt forgiveness' scheme for mortgage holders in serious arrears. The announcement comes after yesterday's figures from the Central Bank, which revealed one in 20 Irish mortgages have been in arrears for over 90 days.
19 March 2004
FSA fine Allied Dunbar £725,000 over 'mishandled' complaints
Financial watchdog, the Financial Services Authority (FSA), has fined Allied Dunbar Assurance plc £725,000 for "serious flaws" in procedures for handling mortgage endowment complaints. An FSA investigation revealed that mishandled complaints between May 2001 and April 2003 had exposed a large number of Allied Dunbar customers to potential loss.
FSA fine Allied Dunbar £725,000 over 'mishandled' complaints
Financial watchdog, the Financial Services Authority (FSA), has fined Allied Dunbar Assurance plc £725,000 for "serious flaws" in procedures for handling mortgage endowment complaints. An FSA investigation revealed that mishandled complaints between May 2001 and April 2003 had exposed a large number of Allied Dunbar customers to potential loss.
17 July 2001
UK INFLATION REMAINS AT TWO YEAR HIGH
UK inflation has remained at a two-year high, official figures have revealed. The Office for National Statistics (ONS) revealed prices were 2.4 per cent higher in June than the same month a year before.
UK INFLATION REMAINS AT TWO YEAR HIGH
UK inflation has remained at a two-year high, official figures have revealed. The Office for National Statistics (ONS) revealed prices were 2.4 per cent higher in June than the same month a year before.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
