Mortgage Arrears Resolution (Family Home) Bill 2017

Public bill · Private Member · Introduced

Creates a new Mortgage Resolution Office to help homeowners in serious mortgage arrears on their family home reach a workable solution without going to court. Eligible borrowers with low disposable income and limited assets could apply for a Mortgage Resolution Order that might freeze or reduce payments, extend the mortgage term, change the interest rate, defer repayments, cut the principal, or even support a mortgage-to-rent arrangement. It also sets up an appeals process and penalties for false or dishonest applications, so the process is meant to protect struggling families while keeping it fair for lenders.

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 13 February 2020