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11/11/2008
High Court ruling 'threatens home ownership' |
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Lenders can sell the homes of families that are two months behind on their mortgage without the need for a court order, the High Court has ruled.
The judgement reinforced legislation dating back to 1925 that allows lenders to sell the homes of people in arrears without a court order.
Supporting a decision by lender GMAC-RFC to repossess and sell a home of a buy-to-let borrower who had fallen into arrears, the High Court confirmed that such action can be taken - without an order from the courts - if a borrower falls two months behind with payments.
Last month, Gordon Brown announced new rules that instructed lenders to seek repossession only as a last resort. However, this ruling could allow lenders to sidestep this.
According to the Council of Mortgage Lenders, repossessions are expected to increase by 50 per cent this year to 45,000. |
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