This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk/6974698.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 4 | Version 5 |
|---|---|
| Concerns over repossession rents | Concerns over repossession rents |
| (2 days later) | |
| Some householders facing repossession are ending up homeless after selling their homes to property companies, a BBC investigation has found. | Some householders facing repossession are ending up homeless after selling their homes to property companies, a BBC investigation has found. |
| The firms, which lease the properties back to the ex-owners, are said to be imposing large rent rises. | The firms, which lease the properties back to the ex-owners, are said to be imposing large rent rises. |
| Other former owners complain they have received less than the market value for their former properties. | Other former owners complain they have received less than the market value for their former properties. |
| Consumer advice groups and housing charities said they were concerned about the lack of regulation. | Consumer advice groups and housing charities said they were concerned about the lack of regulation. |
| Sharp rise | Sharp rise |
| A Citizens Advice Bureau official said one elderly man had sold his home under such a deal for £40,000, even though it was valued at £165,000. | A Citizens Advice Bureau official said one elderly man had sold his home under such a deal for £40,000, even though it was valued at £165,000. |
| The investigation for BBC Radio Five Live Report found such deals were on the increase at a time when interest rates had risen five times in the past year. | The investigation for BBC Radio Five Live Report found such deals were on the increase at a time when interest rates had risen five times in the past year. |
| The number of people having their homes repossessed in the first half of this year rose sharply in comparison to last year, according to recent figures from the Council of Mortgage Lenders. | The number of people having their homes repossessed in the first half of this year rose sharply in comparison to last year, according to recent figures from the Council of Mortgage Lenders. |
| There was just no other way out if I wanted to keep the house Victoria Taylor A nation (re)possessed? Repossessions 'rise by 30%' | There was just no other way out if I wanted to keep the house Victoria Taylor A nation (re)possessed? Repossessions 'rise by 30%' |
| An estimated 14,000 properties were repossessed in the first six months of 2007, a 30% increase on the same time last year. | An estimated 14,000 properties were repossessed in the first six months of 2007, a 30% increase on the same time last year. |
| But while the number of people losing their homes rose, the number of mortgages in arrears was 125,000 - 3% down on the same period last year. | But while the number of people losing their homes rose, the number of mortgages in arrears was 125,000 - 3% down on the same period last year. |
| Mortgage repossession claims were also down slightly, although these do not always result in the loss of the home. | Mortgage repossession claims were also down slightly, although these do not always result in the loss of the home. |
| 'Motivated sellers' | 'Motivated sellers' |
| Victoria Taylor lived in her home in Wolverhampton for 26 years, but was unable to meet the mortgage repayments after her partner left her. | Victoria Taylor lived in her home in Wolverhampton for 26 years, but was unable to meet the mortgage repayments after her partner left her. |
| She told BBC Five Live Sunday Breakfast that selling and then paying rent to live in her house seemed like the only option. | She told BBC Five Live Sunday Breakfast that selling and then paying rent to live in her house seemed like the only option. |
| "Had there been another way out I wouldn't have done it, but there was just no other way if I wanted to keep the house." | "Had there been another way out I wouldn't have done it, but there was just no other way if I wanted to keep the house." |
| Vice-chairman of the National Landlords Association, John Socha, said he did not want to see the industry brought into disrepute by what may be seen as "sharp practice". | Vice-chairman of the National Landlords Association, John Socha, said he did not want to see the industry brought into disrepute by what may be seen as "sharp practice". |
| He said a code of practice for operators would be easy to bring in, but he did not want to see "over-regulation". | He said a code of practice for operators would be easy to bring in, but he did not want to see "over-regulation". |
| "I do understand the motivation for a lot of these people. In fact, the euphemism for them is actually 'motivated sellers'," he said. | "I do understand the motivation for a lot of these people. In fact, the euphemism for them is actually 'motivated sellers'," he said. |
| "If we over-regulate, my only fear is it will be an avenue closed off to people who actually do need to sell." | "If we over-regulate, my only fear is it will be an avenue closed off to people who actually do need to sell." |
Have you faced repossession? Have you been affected by the story? Send us your experiences using the form below. | |