Mortgage Resolution Bill 2013

Public bill · Private Member · Introduced

Creates a new Mortgage Resolution Office to help people in serious mortgage trouble deal with loans on their family home outside the courts. Eligible homeowners with very limited income, assets and debts could apply for a formal resolution order, and the office could change the mortgage by cutting or deferring payments, extending the term, fixing interest, reducing the amount owed, or in some cases allowing the person to stay as a tenant. It also sets up an appeals process and penalties for false information, so the aim is to give struggling families a structured way to avoid repossession while protecting lenders from abuse.

Formal long title

Bill entitled an Act to provide for the establishment of a Mortgage Resolution Office; to provide for a non-judicial Mortgage Resolution Order concerning mortgages over family homes; to provide for an independent appeals process against decisions of the Mortgage Resolution Office; and to provide for related matters

Last updated 19 February 2020