Mortgage Restructuring Arrangement Bill 2013

Public bill · Private Member · Introduced

Would create a one-time process for people in serious mortgage arrears and negative equity to restructure their home loan, with help from a personal insolvency practitioner. Eligible applicants would need to be insolvent, provide full financial information and show that they could not agree an affordable alternative with their lender; the arrangement could reduce debt above 110% of the home’s market value and generally protect the family home from repossession. Lenders could not pursue enforcement while the arrangement was in force, but both sides could ask a court to intervene if agreement was not reached.

Formal long title

Bill entitled an Act to provide for the restructuring and disposal of certain mortgage arrears; for the retention, where practicable, of the principal private residence in instances of certain mortgage arrears; for the removal of significant negative equity debt in the case of eligible persons; and to provide for related matters

Last updated 12 April 2018