New law to allow house seizures
THE Government has promised the troika it will change the law to allow banks to seize houses in mortgage arrears.
The promise is likely to hit the 50,000 buy-to-let investments where landlords are currently not repaying the mortgage or have restructured the loan.
It is unlikely to affect ordinary homeowners who will be covered by new personal insolvency legislation that will become law next year.
The banks have been unable to repossess buy-to-let houses since a ruling last year.