Mr McGrath added: "The coming into effect of this legislation is a good day for
mortgage holders, business owners and farmers whose loans have been sold on to so called 'vulture funds' or who fear their loan will be sold in the future."
Mortgage holders are advised to look at how a rate rise would affect them now, and think about speaking to an adviser on whether remortgaging to a fixed-rate deal, for example, might better suit you.
So while the MAS's research found that nearly half of
mortgage holders would find it hard to meet a PS150-a-month increase in their payments, this level of rise equates to a 2% point increase (to the average mortgage), something unlikely to happen until around 2018 - by which time earnings are also expected to have increased.
Around 2.3 million households - one in four
mortgage holders - risk becoming highly geared by 2018.
The share of
mortgage holders with negative equity is projected to drop to 17 percent at the start of next year, according to Zillow.
A series of surveys show that there has been a consistent rise in the volume of
mortgage holders who say they will walk.
If the original mortgage note or a photocopy with the signature of the mortgagor (not the "
mortgage holder") is not available, the electronic version, without signature, will indeed not be accepted by the courts, as you have stated.
DUNFERMLINE Building Society
mortgage holders have been excluded from a cut-price deal offered by new owners Nationwide to their customers.
STRUGGLING homeowners were today given a boost when Northern Rock announced it will no longer be rapidly offloading
mortgage holders.
There are also suggestions of a new three-month-grace period for
mortgage holders struggling to keep up with their repayments before repossession proceedings kick in.
But it warned that 1.7m people, the equivalent of 14% of all
mortgage holders, could find themselves in the same situation if house prices fall by a further 17%.
