Homeowners in arrears to get three months' grace... but don't they already have three months' grace?
Alistair Darling's panic measures included a few nods to the homeowner... perhaps most notably, an agreement from the biggest lenders to allow homeowners three months in arrears before taking court action. The plan has already attracted criticism for not including the smaller, specialist lenders... the lenders with big books of sub-prime mortgages, the ones most likely to be in arrears. But - more importantly - where's the real the content? Perhaps I'm wrong about this, but can somebody point out the larger UK lender who issues repossession proceedings when a borrower is just one or two months in arrears?
Technorati Tags: property, real estate