SHARED EQUITY MORTGAGES

Motion Text

That this House understands the misery caused to many people, particularly the elderly, as a result of taking out shared equity mortgage (SAMs) and the financial problems they now suffer as a result; and calls on the Government to review its policy on possible SAM mis-selling and profiteering by financial institutions at the expense of these people, and to instruct the FSA to review the selling-on of these mortgages to third parties and the impact that has on mortgage holders, and to review the extent and levels of additional charges such as repeat valuations, and legal and termination charges, and determine whether these are reasonable in view of the very high level of profit made from these schemes.