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National development: Emphasis on infrastructural development

Stakeholders who gathered at the just concluded maiden edition of the Nigerian Infrastructure Development Awards NIDA, held in Lagos have emphasised the need for rapid infrastructural development across the country to ensure national development.

The theme of the event organised by Prospers Strategy Limited was “Solid Infrastructural Backbone as Catalyst for National Development”. In his keynote address, Minister of Power, Works and Housing, Mr. Babatunde Fashola, who was represented by the Director of Federal Highways, South West, Engr. Funsho Adebiyi, said the Buhari administration has embarked on massive infrastructural projects across the nation to ensure national development.

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Fashola added that the administration is equally playing the pivotal role in ensuring the allocation of resources to enable it deliver on its mandate at a time the country is earning much less revenue from oil, pointing out however that, “I will like to focus on the larger picture of the resolve to renew Nigeria’s ageing infrastructure, most of which were built over four decades ago. “I speak of projects like the Kano-Maiduguri Highway, the Enugu-Port-Harcourt Road, the East-West Road, the Lagos-Ibadan Highway, the Benin-Okene-Lokoja Highway, the 2nd Niger Bridge, the Loko-Oweto Bridge and others. I speak also of difficult projects that appeared to have defied every attempt to start them like the Bobo-Bonny Bridge, which has now commenced, and the Mambilla Hydro Power project which contract has been signed.

“These projects and many others like our rail projects from Lagos to Kano, Port-Harcourt to Maiduguri, and Air and Sea ports at various stages of completion, will from the foundation for building our prosperity and national development. These foundations will be so strong that they will ensure that we are able, in the near and long terms, to deal with adverse economic seasons. “They will help to diversify Nigeria’s economy away from oil dependence, and open new opportunities of prosperity for Nigerians in sectors like tourism, agriculture, transport, logistics and manufacturing”, Fashola noted.

The Chairman, Nigerian Communications Commission NCC, Senator Olabiyi Durojaye who was the chairman of the night, pointed out that infrastructural development is very critical to the development of the nation, stressing however, that it is one thing to have infrastructure, but it is another thing to develop it to the benefit of the nation. Durojaye therefore called on private and public sector players in infrastructure segment of the national economy to come together to take infrastructure development to global level, pointing out that Nigeria cannot afford to be left behind in the quest for infrastructure development as obtainable globally.

Chief Executive Officer of Prospers Strategy Limited, organisers of the event, Mr. Lanre Alabi, while welcoming the audience, said  the event, themed “Solid Infrastructural Backbone as Catalyst for National Development”, is part of a broad programme to X-ray topical infrastructure issues facing the nation and boost the growth and development of infrastructure in Nigeria. According to Alabi, “It offers a unique platform for technocrats, innovators and administrators, companies and groups whose mandate and activities impact on the improvement and development of infrastructure in Nigeria”.

Alabi informed that NIDA had identified corporate organisations, government agencies and individuals who had made huge and outstanding impact in the Nigerian infrastructural development sector over the years. “We have identified key personalities, top government officials, government agencies, private sector players and innovators who have played iconic and notable roles through strategic policy formulation, programme implementation, project execution in the development of infrastructure in Nigeria. “Our focus is to honour the best, boldest, creative and outstanding projects that have impacted on the well-being of the people.

Many infrastructural projects have projected the nation to the outside world and have birthed many other businesses. The presence of these high-impacting infrastructure investments cut across transportation, telecommunication, energy and power, oil and gas, aviation, agriculture, health, housing and entertainment. Fashola, Governors Willie Obiano (Anambra) and Akinwunmi Ambode (Lagos) were among those honoured at the event for their contributions to infrastructural development.
Source: Kingsley Adegboye

CBN calls for the reform of real estate regulating laws, stakeholders plan to abridge 17 million housing deficit

The Central Bank of Nigeria, CBN, and stakeholders in the housing sector of the economy have agreed to develop mass and affording housing with a view to abridge the 17 million housing deficit confronting the nation.

The stakeholders, who reached the agreement during the 2018 Mandatory Continuing Professional Development, MCPD, in Abuja, pledged to work together towards ensuring development and growth of housing sector in order to grow the economy and prevent the nation from relapsing into recession. Recall, a former Deputy Governor of CBN, Mr Godwin Emefiele, recently warned that the weak economic fundamentals currently being shown by the economy were putting the nation’s exit from recession under fresh threat. Speaking at the MCPD seminar organized by the Abuja chapter of Nigerian Institution of Estate Surveyors and Valuers, NIESV, with the theme “Post economic recession in Nigeria-harnessing the potentials of real estate sector for a sustainable economic development”,  the stakeholders collectively resolved that housing sector has important role to play to strengthen the country’s economy.

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In his remarks, the Deputy Governor, Corporate Services, Central Bank of Nigeria, Edward Adamu explained that the bank as part of effort to increase access to affordable housing and address the 17 million housing deficit has in the recent past set up a National Housing and Mortgage intervention fund. Adamu noted that “In addition to its core mandate, CBN has taken up a developmental role in the economy.

All the intervention institutions and programmes are aimed at channelling resources to sectors that are vital to the strategic economic development of the country but are either not served at all or are under-served at a prohibitive cost by financial institutions because of perceived high risk or long gestation period. He said, “There is a huge housing deficit of 17 million units. The demography tilts towards the youths – 42% of population is 14 years and below. 75.2% are less than 35 years of age and high rate of urban migration – 50% and growing. He said the reason for the intervention is because of the present low contribution of Mortgage to GDP (less than 1%), against the Ghana’s 10%, and South Africa 40%. Adamu while enumerating potential to unlock the housing production value chain, said the process would guarantee employment, wealth creation and social stability.

In his presentation, the Chairman Premium Pension Limited, Arc. Yunusa Yakubu, said the Nigeria’s real estate sector is evolving at a remarkable pace and there is a growing awareness at all levels of the role of real estate development in the growth of the economy.

According to him, “As at the second quarter 2018, the Nigerian real estate sector accounted for 6.83 percent of the country’s gross domestic product. “Available statistics reveal that Nigerian housing deficit is estimated at between 17 to 20 million units, increasing annually by 900 000 units, with a potential cost of N6 trillion (US$16 billion). With a population of almost 190 million, annual population growth rate of 2.8 per cent, annual urban population growth rate of 4.7 per cent according to data from the United Nations, we need to stop talking and start building. “Nigeria’s abysmal ranking on the mortgage finance scale shows that the several mortgage financing initiatives by successive governments in the country have not really produced the desired results. “Clearly, the government needs to buckle up in order to meet it stated annual production of one million standardized affordable housing units. Nigeria has a low home ownership rate of 25 percent, lower than that of Indonesia (84 percent), Kenya (73 percent), and South Africa (56 percent).

“The real estate sector is full of opportunities and access to finance remains a significant challenge. Page 3 of 5 Prospect of Pension Funds as a New Vista in Real Estate Finance Experts in the real estate sector have argued that to bridge the gap in the housing sector, investors need to move beyond focusing on short term drivers to long term funding.” In his presentation,  Abubakar Abdulkadir, an estate surveyor and valuer, noted that there is need for reform of laws regulating real estate or property cannot be over emphasised. He explained that, “This must be done if we want the real estate sector of Nigeria’s economy to develop and contribute positively to the nation’s GDP which will ultimately improve the quality of lives of the citizens of this country.”

Source: Chris Ochayi

FMBN disburses N114.5m home renovation loan to 139 beneficiaries in Yobe

The Coordinator, Federal Mortgage Bank of Nigeria, in Yobe, Abdu Goni, has said the bank has disbursed N114,500,000.00 as home renovation loan to 139 staff of Federal Medical Centre, Nguru.

The coordinator disclosed this yesterday while presenting cheques to the beneficiaries in Damaturu.

He said the loan, which is under the bank’s Home Renovation Loan scheme, followed a Memorandum of Understanding MoU)  signed with their employers.

Goni explained that the loan has six percent interest rate and is repayable in five years.

“Already federal government employees in 35 states of the federation and the FCT have benefited with exception of Yobe state.

“Contributors can borrow from one naira up to N1 million to renovate their homes. We solicit Yobe state government’s cooperation and understanding toward assisting and encouraging the employees who are contributing to the NHF scheme to also benefit from this window,” he appealed.

He commended the administration of governor Gaidam for according priority to welfare of its workers in terms of prompt payment of salary and gratuity and allocation of houses on owner-occupier basis.

Earlier, the special guest of honour, Governor Ibrahim Gaidam, who was represented by Permanent Secretary, Establishment, Bukar Dapchi said the government would look into the issues raised with a view to assisting its workers benefit from the loan.

Should homeless people be expected to live in a box?

Single people in need of a home are the least likely to be prioritised by local authorities. But could one-person micro-homes be an answer – or is expecting people to live in a box, and be grateful about it, a step too far?

Nearly a quarter of a million single people have experienced homelessness in the past 12 months.

These include the most visible sector of homeless people, the rough sleepers; as well as those living in temporary accommodation, like shelters or hostels, provided by the voluntary homelessness sector. Then we have the “hidden homeless” who stay on the floor of friends and family, the “sofa surfers” and the squatters.

Perhaps communities of micro-homes such as one recently granted planning permission in Worcester – where each unit has a floor space of just 17.25 sq metres – could offer a solution.

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According to the British Property Federation, micro-homes can be defined as “not conforming to current minimum space standards”.

But the charity Homeless Link says “the main aspiration of people who are homeless is to have a home of their own”.

So should we start to think inside the box?

Accommodating single people in small spaces is not new – shipping containers have been used to house homeless people for decades. But shipping containers are not purpose-built, are often cold, poorly ventilated and – crucially – are storage crates, not homes.

Benjamin Clayton, head of strategy at Homes England, the government’s “housing accelerator” and formerly a fellow at Harvard University, says micro-homes are “clearly not the solution to the housing crisis, but they might be a handy resource in the meantime.

“Tiny houses could be particularly helpful in getting homeless people into safety. Housing charity Crisis estimates that the cost of a single homeless person sleeping rough in the UK is £20,128 per year, which is depressing money down the drain.”

It makes financial sense to help homeless people, or, ideally, prevent their plight in the first place.

In an illustrative report At what cost? commissioned by Crisis, that annual price tag of £20,128 includes interaction with the criminal justice system (about £7,000), visits to A&E and stays in hospital (about £8,000), and support from homelessness agencies.

And that’s before the human cost. Lacking a settled home can cause or increase social isolation, create barriers to education, training and paid work and undermine mental and physical health.

Mr Clayton suggests Britain should experiment along the lines of some communities in the US, where charitable groups have supplied micro-homes to help homeless people.

“Around 8,000 people slept rough on the streets of London in 2016-17, a number which has doubled since 2010,” Mr Clayton says.

“Surely units in homelessness hotspots in London, Manchester, Birmingham and elsewhere could provide a real, albeit temporary, alternative.

“Of course Britain needs more and better real houses. In the meantime, though, we should take tiny houses seriously, especially for those who have no house at all.”

Not everybody is happy with the idea though.

One of the newest developments to receive planning permission is a set of 16 iKozie units, which will be erected in Worcester some time next year. The original plans for the site were more ambitious, but vigorous opposition from residents worried about infrastructure, parking and antisocial behaviour led to the proposal for 30 units being trimmed down to 16.

Objections lodged with the council ranged from allegations that the iKozie residents would not be in paid employment and therefore a drain on the public purse, to concerns about space for charging points for hypothetical electric cars in the future.

Of the 16 units, five will be in the control of the city council’s housing department, and it would be up to the council to decide who on the housing list should be allocated a unit.

Single adults with no children or specific vulnerabilities tend to fall between the cracks when it comes to finding them somewhere to live. There will always be someone considered a higher priority.

But these homes for one, loosely based on the cabin of a luxury yacht, could fill a gap.

Each £40,000 home will be 17.25 sq metres and have a fully-equipped bedroom, shower room, living area and kitchen. The floor space of the units is half that set out in government guidance, but the company behind iKozie argues that the design, and the fact the units are not meant to be long-term homes, means their size is not a problem.

“A lot of affordable homes don’t come with a cooker or flooring, and lots of people aren’t brilliant at interior design,” says the director of iKozie, Kieran O’Donnell, who is also a trustee of the housing charity The Homeless Foundation.

“With the iKozie, everything is fitted in. There are distinct ‘zones’ for living, eating and sleeping, and there is no wasted space.”

Mr O’Donnell says the units would not be used to house the “street homeless”, but would be for those moving on from supported living or “trapped in an HMO [home of multiple occupation]”. The iKozie would provide transition accommodation for someone before they moved into the open market.

“It’s not meant to be a long-term fix. I see the timeframe for people living there to be about two years-ish – perhaps giving people time to save for a deposit or even a mortgage,” he says.

“At the same time, they’re building up a track record of paying rent and for utilities, which can be shown to housing associations or whoever when they move on to the next stage.”

The businessman is open about the fact that this project is likely to prove a financial success for his company – and he’s currently looking for more sites on which to put more iKozies.

“We also think these will be in high demand for students or maybe older people who are downsizing.”

The five affordable units would be rented at the local housing allowance rate – about £99 a week – while the remaining ones would be available for rent at the market rate of about £125 a week.

People living there would be subject to a strict set of conditions, Mr O’Donnell says. The units would be for single occupancy only and iKozie would monitor the site.

This in turn could free up space in a hostel or supported living accommodation.

So in concrete terms of helping the homeless, the effect will be modest – but could pave the way for further projects.

Stephen Robertson, CEO of the Big Issue Foundation, says spiralling private rent has led to “a rough sleeping crisis, a humanitarian crisis” and even small initiatives like the iKozie development are valuable because of the lessons of the experience.

“There has been a massive increase in tented accommodation – people simply have nowhere to go,” he says.

The iKozies are small but they look fairly well designed and nobody is forced to live in one. They’re not in themselves the answer – social housing is.

“If you look at the scale of the problem, this is just a drop in the ocean. But it is self-sufficient living, not being abandoned in a shed. Taking action where the environment is hostile is important – especially the learning that comes from it.

“We can find out from the development whether the project is scalable and replicable. I see it as an innovation; not more than that, but it is an innovation.

“It will be an improvement on many people’s current situation.

“It is an alternative for people who don’t have an alternative.”

Source: Bethan Bell

N8.7bn Approved For Road Construction in Yobe State

The Yobe State Executive Council, has approved the sum of N8, 701, 157, 489.00 for the execution of various new road projects within and outside Damaturu metropolis.

The Commissioner of Home Affairs, Information and Culture Alhaji Mala Musti revealed shortly after the exco  meeting at the State House,  Damaturu

The road projects approved for execution include 2.8 km road and 5.6km concrete drainage construction at Ali Marami Housing Estate, Damaturu at the cost of N560, 909, 854.30.

Other  approved  projects by the include a 2.4 km road and 4.8 km long concrete drainage at Anguwar Karo, Damaturu at the cost of N474, 029, 415.56;  1.5 km road and 3.0 km drainage line at Nayinawa Ward at the cost of N317, 433, 275.51 and the construction of 1.6 km road and 3.2 km long concrete drainage at Abbari Ward, also in Damaturu metropolis at the cost of N360, 111, 576.00.

“The residents of Don Etiebet Housing Estate, Damaturu will also have a 5.7 km road and 11.4 km drainage built for them at the cost of N1, 060, 536, 098.93”.

“As construction of the Damaturu International Cargo airport makes more progress, the State exco has approved N4, 999, 905, 407.38 for the construction of a new dual carriageway from Damaturu to Kalallawa Town to link the cargo airport with the state capital.

Souurce: Mohammed Abubakar

DMO floats 2nd N100bn sukuk bond to fund road infrastructure

The Federal Government through the Debt Management Office (DMO) has announced the sale of its second tranche seven-year N100 billion sovereign Sukuk, with the offer expected to close on December 17, 2018.

The bond, which is aimed at funding road infrastructure across the six geo-political zones, is payable semi-annually for seven years and is at a rental rate of 15.74 per cent to be due in 2025.

Speaking at the sovereign sukuk public offer-investor forum at the weekend in Lagos, Director General, DMO, Patience Oniha, said the success of the first N100 billion Sukuk bond launched in 2017 is down to the fact that the Nigerian financial market as well as its investors is getting more sophisticated and interested in new things, while calling for more participation on the part of the private sector.

She further added that the main objective of the second Sukuk issue is to sustain the rehabilitation and construction works on 25 key economic roads in the six-geopolitical zones with three roads now added for more reach.

“The success of the issuance of the first N100 billion Sukuk bond shows that the current administration is currently working round the clock to revamp the economy. The government is still spending a lot of capital, though we are not yet in the best place, we are in a good place. We want to see much more enthusiasm from the private sector as well as retail participation which stood at five per cent.

Borrowing is still going on but we want to have a stable portfolio but beyond borrowing, funds from the Sukuk bonds are strictly for capital projects especially road infrastructure. “

Oniha said debt levels remain moderate; adding that the increasing debt service is being managed by growth in revenue through the government’s efforts in engaging revenue mobilization initiatives aimed at encouraging tax payers to regularise their tax status.

According to her, the 2017 N100 billion Sukuk which was 5.8 per cent over-subscribed, ensured execution of road projects across all regions of the country, affirmed investors’ confidence and created jobs around the country.

She further added that the main objective of the second Sukuk issue is to sustain the rehabilitation and construction works on 25 key economic roads in the six-geopolitical zones with three roads now added for more reach.

Also speaking on the issuance of the Sukuk II offer, Deputy Managing Director, FBNQuest Merchant Bank Limited said Mr Taiwo Okeowo said, ‘‘we are happy to be participating in this initiative which will contribute to narrowing the country’s infrastructure deficit. With the issuance of the first Sukuk offer, we were able champion a robust investment drive – a demonstration of FBNQuest Merchant Bank’s strong distribution capacity.”

Subscribers could purchase N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter with FBNQuest and Islamic wealth manager, Lotus Capital managing the sale.

The DMO said it qualified as securities in which trustees could invest under the Trustee Investment Act and as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds. It will also be listed on the Nigerian Stock Exchange (NSE) and on FMDQ Over-The-Counter (OTC) platform and be classified as liquid asset by the Central Bank of Nigeria (CBN).

Source: Kehinde Akinsehinde-Jayeoba

Block makers laud Dangote on new cement

Block Moulders Association of Nigeria has commended the Dangote Group for its new cement, BlocMaster.

The Chairman of the block moulders in Suleja, Niger State, Chief Patrick Markuche, who described the new product as Dangote’s best in terms of quality, said it had helped improve the association’s members’ revenue.

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He said members of the association had passed a vote of confidence on the cement as well as the company.

“This is the best product from Dangote so far. We have tested it and we are very happy with the result we got so far. Even in the rain, this cement is the best for the purpose,” he said.

In a statement on Sunday, Dangote Cement said a distributor, Alhaji Mukhtar Moriki of Albabelo Company, said block makers now demand for more of the cement.

Dangote’s National Sales and Distribution Director, Adeyemi Fajobi, said the new cement was carefully made as part of the company’s improvement on innovation.

He said, “Our customers, and key distributors are happy because of the strength and quality of this product. It is also very affordable and it gives them far more yields than all other cements in the market. It is currently the highest grade of cement in Nigeria.”

“It is by far the strongest cement, bagged in the Nigerian market. This cement is 50 per cent stronger after one day and up to 15 per cent stronger after 28 days when the cement finally sets, so that explains the excitement displayed by our retailers and key distributors across the country.”

Fajobi said BlocMaster was a product of years of research, created with high quality to give users value for money by eliminating loss.

A new study says an overwhelming majority of millennials want to be homeowners, but student loans are holding them back

For many millennials, the idea of homeownership is still a big picture dream, with a new study saying 89 percent plan to purchase a home in the future — but simply can’t because of student debt.

According to a recent study released by Apartment List, 6,400 millennial renters nationwide were surveyed in regards to their plan for owning a home. Despite the majority of young people wanting to migrate away from renting, 48 percent have nothing saved for a down payment.

One of the leading reasons, according to Apartment List, is because of the staggering amount of student loan debt many millennials carry.

“Student debt is keeping homeownership out of reach for many millennials,” the authors of the study wrote. “We estimate that 23 percent of college graduates without student debt can save enough for a down payment within the next five years, compared to just 12 percent of college graduates who are currently paying off student loans.”

For millennials without a college degree, the odds of having enough money to purchase a home are even lower. Just six percent say they’re able to save enough for a down payment in five years, the study revealed.

Apartment List’s findings echoed separate studies illustrating how the student debt overhang is reverberating across the economy. A study released last year by the Federal Reserve Bank of New York showed that over the past decade, student loan debt in the U.S. has increased by 170 percent. Today, the average borrower has $34,000 in loans.

The Fed study also estimated that the average monthly payment on a student loan increased from $227 in 2005 to $393 in 2016. This means that with the rising cost of education, more young people are having an increasingly harder time saving for a traditional 20 percent down payment on a home.

As a solution, 19.4 percent of millennials surveyed said they are relying on financial assistance from a family member in order to make home ownership more attainable. However, the amount of assistance that a young person receives varies greatly based on income.

For millennials who make $100,000 or more, Apartment List found they expect to receive over $50,000 in financial assistance from a family member, which is more than the down payment needed for an average U.S. condo that costs $224,100. This number is also more than twice the amount of assistance individuals who make between $50,000 and $75,000 expect to receive from family — and it’s over 10 times the assistance that individuals who make less than $25,000 expect to receive.

Source: Courtney Coonley

U.S. Mortgage Rates Dip in Early December

According to Freddie Mac’s latest Primary Mortgage Market Survey, U.S. mortgage rates dropped in early December 2018, after weeks of moderating.

Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates declined this week amid a steep sell-off in U.S. stocks. This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”

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Freddie Mac News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.75 percent with an average 0.5 point for the week ending December 6, 2018, down from last week when it averaged 4.81. A year ago at this time, the 30-year FRM averaged 3.94 percent.
  • 15-year FRM this week averaged 4.21 percent with an average 0.4 point, down from last week when it averaged 4.25 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.07 percent with an average 0.3 point, down from last week when it averaged 4.12. A year ago at this time, the 5-year ARM averaged 3.36 percent.
PMMS Dec 2018.png
Source: Monsef Rachid

FCA finds some lenders could manage long term mortgage arrears better

Homeowners in the UK who find themselves in arrears should contact their lender sooner rather than later but those providing mortgages could manage some situations better, according to the financial watchdog.

The Finance Conduct Authority says that its latest review has found some inconsistencies in how lenders manage arrears and has re-iterated that repossession should always be a last resort.

It had previously identifies a trend of increasing long term arrears but also pointed out that homes being repossessed have been falling. The FCA wanted to find out if owners with long term mortgage arrears were experiencing harms from extended forbearance.

Examples of harm could include forbearance arrangements which were unaffordable, with severe consequences for the overall financial situation of customers, or where the debt continues to grow. It could also ultimately result in a repossession with considerably reduced equity in their homes.

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Overall, the FCA did not identify widespread harm to customers from extended forbearance but did find inconsistencies in firms’ arrears management practices.

But it pointed out that this is against a backdrop of low interest rates where the interest on arrears balances was relatively low. ‘It’s important that customers who are already in long term arrears, and mortgage customers who might go into arrears with an increase in interest rates, or a change to their personal circumstances are aware of what actions they should be taking,’ says the report.

It advises anyone in difficulties to speak to their mortgage provider at the first sign of financial difficulty, or a change in circumstances, so they can discuss their circumstances together and identify potential solutions.

The advice is to not delay or ignore the situation as speaking with their mortgage provider early may prevent the situation from worsening as their provider may be able to discuss a wider range of options.

This may also give them more time to make a difference and additional support and free, independent guidance is available from organisations such as the Money Advice Service.

‘We know that many customers remain hesitant to contact their lender to discuss their mortgage arrears for a variety of reasons. We encourage customers to talk to their lender as early as possible as this may give them more time and options when it comes to the steps they can take,’ said Jonathan Davidson, executive director of supervision.

The FCA encourages customers with arrears to engage with their mortgage provider about mortgage arrears and the options that are available to them. The FCA has also provided the feedback to firms in the sample and is considering where in some cases further regulatory action in necessary. Under the FCA’s rules, firms may only consider repossession as a last resort.

Jackie Bennett, director of mortgages at UK Finance, said it is encouraging that overall the FCA did not identify widespread harm to customers from extended forbearance but added that the industry acknowledges the regulator’s findings of some inconsistencies in firms’ arrears management practices.

‘Anyone with concerns about making their mortgage repayments should contact their lender as soon as possible to discuss the support and options available to them, a message echoed by the FCA,’ she explained.

‘UK Finance will continue to engage closely with the regulator, lenders and administrators to deliver fair outcomes for those customers in financial difficulty,’ she added.

Source: PropertyWire

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