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To ask Her Majesty’s Government what action they are taking to help home owners in negative equity.
To ask Her Majesty’s Government what action they are taking to help home owners in negative equity.
If homeowners are in negative equity, or worried about meeting payments in the future, it is vital to make early contact with their lender.
There are a number of organisations available that provide free, impartial advice on money and debt management, including the Money Advice Service, which Government has set up to promote understanding of Financial Systems.
The Government is working to mitigate the impact of Compulsory Purchase Order (CPO) activity on those in negative equity and following consultation government released a response document on the 29th October, which is available on the gov.uk website.
To ask the Chancellor of the Exchequer if he will take steps to address levels of negative equity and home repossessions in Northern Ireland.
To ask the Chancellor of the Exchequer if he will take steps to address levels of negative equity and home repossessions in Northern Ireland.
The Government recognises that many homeowners in Northern Ireland faced a significant fall in the value of their homes following the financial crisis, and that although the housing market is now showing signs of improvement, prices have been slower to recover than in some other parts of the UK.
In terms of policies the UK Government is responsible for, the Pre-Action Protocol legislation, as well as the Financial Conduct Authority's rules, require that the repossession of a property must always be the last resort for lenders. This means that lenders must consider alternatives to repossession before they can take possession of a property.
It is also worth being aware that the Financial Conduct Authority's rules prevent mortgage lenders from taking commercial advantage of customers who are in negative equity and therefore may not be able to remortgage to another provider. For example, lenders cannot charge customers higher fees and interest rates than other similar customers because they are in negative equity.
The Northern Ireland Executive has devolved responsibility for social security and welfare-related policies related to support for homeowners, including the administration of Support for Mortgage Interest in Northern Ireland.
To ask Her Majesty’s Government whether they expect to offer a no negative-equity guarantee under the proposed national deferred payment scheme for residential care.[HL1655]
To ask Her Majesty’s Government whether they expect to offer a no negative-equity guarantee under the proposed national deferred payment scheme for residential care.[HL1655]
The department will engage with the care sector including financial services on how the universal deferred payments scheme will work.
This will include what interest or charges are appropriate, as well has how financial risk will be managed.
We will take account of potential impacts on the equity release market.
A Council of Mortgage Lenders report in 2011 suggests that, as of the first quarter of that year, 827,000 UK households were in negative equity. That includes nearly 300,000 in the north of England. The organisation also reported that there were 36,200 repossessions that year—the lowest annual total since 2007.
A Council of Mortgage Lenders report in 2011 suggests that, as of the first quarter of that year, 827,000 UK households were in negative equity. That includes nearly 300,000 in the north of England. The organisation also reported that there were 36,200 repossessions that year—the lowest annual total since 2007.
I remind the hon. Gentleman that negative equity becomes a problem if people cannot pay their mortgage. Mortgages are affordable at the moment because of the fiscal and financial policies that this coalition Government are pursuing. Interest payments on mortgages are at the lowest level as a proportion of total income since records began. I invite him to consider how many repossessions in the north of England would result if we had the bond rates of the Italians or the Spanish, and therefore how important it is for this Government to remain steadfast on their fiscal programme.
I remind the hon. Gentleman that negative equity becomes a problem if people cannot pay their mortgage. Mortgages are affordable at the moment because of the fiscal and financial policies that this coalition Government are pursuing. Interest payments on mortgages are at the lowest level as a proportion of total income since records began. I invite him to consider how many repossessions in the north of England would result if we had the bond rates of the Italians or the Spanish, and therefore how important it is for this Government to remain steadfast on their fiscal programme.
In its report on home ownership, Standard & Poor’s says that rates of negative equity in the north-west and the north-east are four times higher than those in London. Obviously those areas were disproportionately hit by the Government’s cuts, and unemployment is rising. There are hard-pressed families in these regions struggling to pay their mortgages. What help is the Minister going to give them?
Yes.
Yes.
Does the Minister agree that the way to encourage a successful housing market in the north of England is to encourage the growth of sustainable, private sector-led jobs in that region?
rose—
rose—
She is a dame!
She is a dame!
A Council of Mortgage Lenders report in 2011 suggests that, as of the first quarter of that year, 827,000 UK households were in negative equity. That includes nearly 300,000 in the north of England. The organisation also reported that there were 36,200 repossessions that year—the lowest annual total since 2007.
I hope to be in order, Mr Speaker, by pointing out that despite what my hon. Friend the Member for Hyndburn (Graham Jones) said about the north of England, Lewisham has the fourth highest rate of repossessions in England. There are 17,000 homeless people on our housing waiting list. What advice would the Minister give to those of my constituents given the misery that they are facing through losing their homes—their most precious possession?
I hope to be in order, Mr Speaker, by pointing out that despite what my hon. Friend the Member for Hyndburn (Graham Jones) said about the north of England, Lewisham has the fourth highest rate of repossessions in England. There are 17,000 homeless people on our housing waiting list. What advice would the Minister give to those of my constituents given the misery that they are facing through losing their homes—their most precious possession?
Does the Minister agree that the way to encourage a successful housing market in the north of England is to encourage the growth of sustainable, private sector-led jobs in that region?
Does the Minister agree that the way to encourage a successful housing market in the north of England is to encourage the growth of sustainable, private sector-led jobs in that region?
Yes.
In its report on home ownership, Standard & Poor’s says that rates of negative equity in the north-west and the north-east are four times higher than those in London. Obviously those areas were disproportionately hit by the Government’s cuts, and unemployment is rising. There are hard-pressed families in these regions struggling to pay their mortgages. What help is the Minister going to give them?
In its report on home ownership, Standard & Poor’s says that rates of negative equity in the north-west and the north-east are four times higher than those in London. Obviously those areas were disproportionately hit by the Government’s cuts, and unemployment is rising. There are hard-pressed families in these regions struggling to pay their mortgages. What help is the Minister going to give them?
I remind the hon. Gentleman that negative equity becomes a problem if people cannot pay their mortgage. Mortgages are affordable at the moment because of the fiscal and financial policies that this coalition Government are pursuing. Interest payments on mortgages are at the lowest level as a proportion of total income since records began. I invite him to consider how many repossessions in the north of England would result if we had the bond rates of the Italians or the Spanish, and therefore how important it is for this Government to remain steadfast on their fiscal programme.
To ask the Secretary of State for Communities and Local Government what recent estimate his Department has made of the number of households in negative equity.
To ask the Secretary of State for Communities and Local Government what recent estimate his Department has made of the number of households in negative equity.
To ask the Secretary of State for Communities and Local Government what recent assessment he has made of the level of negative equity in the housing market in each region.
To ask the Secretary of State for Communities and Local Government what recent assessment he has made of the level of negative equity in the housing market in each region.
To ask the Secretary of State for Northern Ireland what estimate his Department has made of the number of homeowners in Northern Ireland who are in negative equity.
To ask the Secretary of State for Northern Ireland what estimate his Department has made of the number of homeowners in Northern Ireland who are in negative equity.
To ask the Secretary of State for Communities and Local Government what forecasts her Department has made of the number of households which will have negative equity in the next 12 months.
To ask the Secretary of State for Communities and Local Government what forecasts her Department has made of the number of households which will have negative equity in the next 12 months.
To ask the Chancellor of the Exchequer what estimate his Department has made of the number of people who have gone into negative equity in each London borough since 2000.
To ask the Chancellor of the Exchequer what estimate his Department has made of the number of people who have gone into negative equity in each London borough since 2000.
To ask the Deputy Prime Minister what estimate he has made of the total value of negative equity in homes in (a) England and (b) the North West in (i) 1996 and (ii) the most recent year for which figures are available.
To ask the Deputy Prime Minister what estimate he has made of the total value of negative equity in homes in (a) England and (b) the North West in (i) 1996 and (ii) the most recent year for which figures are available.
To ask Mr Chancellor of the Exchequer, what recent estimate the Treasury has made of the number of households with negative equity in their homes; and if he will make a statement.
To ask Mr Chancellor of the Exchequer, what recent estimate the Treasury has made of the number of households with negative equity in their homes; and if he will make a statement.