Nottingham Letting Agent Property Blog

At the moment homeowners need to be six months behind their mortgage payments before repossession proceedings can begin, but a new EU directive which is currently going through European Parliament could change all this. If it is brought into law, lenders in Britain would be forced to begin repossession proceedings once borrowers fall just three months behind their mortgage payments. This would increase the risk of default, which in turn would increase banks’ lending costs. These extra costs will of course be passed on to homeowners, and there is the worry that it could affect mortgage availability.The EU is keen to...