Mortgage Rescue leaders discuss the future
Published by FrancesHS for Orbit Homes in Housing
Last week (24 April) leading figures involved in the Government’s Mortgage Rescue scheme met to discuss the progress and future of the initiative, in a day organised by top-ten housing organisation, Orbit Group.
The day came at a time when the scheme has seen growing demand, with an increase of 141 per cent in referrals to the scheme since October 2011; and with announcements from Halifax, Bank of Scotland and Santander that they are increasing their interest rates, the number of referrals is expected to increase even further.
The meeting had around 80 stakeholders attend, including representatives from DCLG, the Homes and Communities Agency, local authorities, lenders (including Santander, the Co-operative Bank and Yorkshire Building Society), the Citizens Advice Bureau, syndicated registered providers and solicitors. Orbit was also pleased to welcome Mortgage Audits who have successfully accessed compensation for those who were mis-sold mortgages.
During the day Orbit, which is the Mortgage Rescue lead for the West Midlands, Norfolk and Suffolk, updated the assembled stakeholders on Mortgage Rescue results, developments and potential future direction. Orbit Group itself has completed 25 per cent of Mortgage Rescues nationally, with 173 last year in the West Midlands alone.
Jenny Birch, Head of Mortgage Rescue for Orbit, revealed interesting areas within her team’s figures, including Sandwell having the highest numbers of referrals and completions of any local authority within Orbit’s areas of operation, and Trident Housing having the highest number of completions of any syndicator.
The main event of the day however, was a Question Time style debate, chaired by Orbit Homes’ MD Paul High, with the expert panel comprising Joe Bateman from GE Home Money Lending, Lawrence Robins from Lapithus Servicing LLP, Hayley Cheshire from Lloyds Banking Group and Mark Porter from Capital Markets, Investec. The panel fielded questions from the floor on a range of issuing, including concerns about interest only mortgages, local authority referrals, difficulties engaging with Citizen Advice Bureau and the question of whether repossessions are increasing.
The day also saw other speakers take the stage, including Graeme Hough from the HCA with an update on the scheme from a Governmental perspective.
Paul High, Managing Director of Orbit Homes, said: “We were delighted to see such a large turnout of some of the most notable partners within the Mortgage Rescue scheme in our areas. This is testament to the awareness within our organisations of the importance, and likely growth, of the scheme, as well as its importance for those struggling in these difficult economic times.”