lenders

Interest only term expired mortgages - where do we go from here?

Interest only term expired mortgages - where do we go from here?

One of the key principles underpinning the FSA’s Mortgage Market Review (MMR) is that new interest-only mortgages should only be advanced on the basis that the borrower has a suitable repayment strategy in place. The MMR has specifically highlighted this type of mortgage following some alarming statistics that, seemingly, have only come to light and been properly considered in the last 12 months.

 

Third party payments for mortgages - what are your obligations?

Third party payments for mortgages - what are your obligations?

A significant Court of Appeal case, won by Optima Legal, has given lenders a clearer sense of their position when accepting mortgage payments from third parties.

As pressure mounts on personal finances, it may not come as a shock that banks and building societies receive many thousands of mortgage payments every day from someone other than the contracted borrower.

Third party payments, however, are not always simply a case of a white knight helping out an indebted borrower.

 

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