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Mortgage market review: “Hard-wired common sense?”
Full text linkThe financial crisis triggered a major rethink of neo-liberal notions of rational decision-making within mortgage markets. In the UK, the Mortgage Market Review conducted by the Financial Services Authority provided this rethink and has resulted in a shift in responsibility in mortgage sales onto mortgage providers which has been hailed as “hard-wired common sense.” This article argues that the common sense within the sales process is of limited utility unless matched by a coherent fit with responses to the consequence of mortgage default and overall housing policy. Common sense will only be achieved by formulating effective safety nets and housing alternatives which reflect an appropriate balance of responsibility between all stakeholders
Article 8 Respect for the home - A human property right?
No full textProperty lawyers have long treasured the certainty of a closely guarded and limited list of property rights that are capable of affecting strangers. Occasionally there have been signs that the list might be extended. The latest challenge to the certainty of a closed list of property rights comes from the human rights enshrined in the European Convention on Human Rights and Fundamental Freedoms (ECHR) now incorporated into domestic law by the Human Rights Act 1998 (HRA). Commentators have noted the possible effect of the HRA upon property rights. They have speculated that the incorporation of the human rights enshrined in the ECHR, particularly Article 8, may provide a new form of property right. For instance Gray and Gray raise the question of whether ‘[t]he human rights recognised by Article 8 effectively engrafts a “new equity” onto the property relationships of citizens?
Shutting the door on horizontal effect: McDonald v McDonald[2016] UKSC 28
No full textCase note on the Supreme Court decision in McDonald v McDonald in which the Supreme Court rejected horizontal effect in repossession proceedings by a private landlord
Responsible lending and borrowing: whereto low cost home ownership
No full textThe recent experience of the credit crunch has cast doubt on the prudence of regulation of the mortgage market based upon the concepts of responsible lending and borrowing. Both the Turner Review and the Financial Services Authority's follow-up Mortgage Market Review identified irresponsible lending as one of the principle causes of the credit crunch. Yet easy access to mortgage finance has underpinned the growth of owner occupation and the promotion of low-cost home ownership. This paper examines recent regulatory initiatives to articulate responsible lending and borrowing in more concrete terms, which suggests a shift towards greater lender responsibility through affordability checks, clearer product explanation and the possibility of product regulation. Whilst such proposals may assist in the pursuit of a more stable mortgage market, they cast serious doubt on the future sustainability of low-cost home ownershi
(Dis)respecting the home: the legacy of McDonald v McDonald in the Supreme Court: McDonald v McDonald [2016] UKSC 28; [2017] AC 273
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How is the fit? The regulation of mortgages as enduring property relationships
No full textThe English law of mortgages has long been described as a work of fiction. The legal charge by way of mortgage only meets the demands of modern lending through a layering of consensual, legislative, regulatory and other sources to produce a working credit relationship. In seeking to understand the mortgage as an enduring property relationship, the purpose of this chapter is to consider the fit between the key strands of this complex web. It will argue that the dynamics of the enduring mortgage relationship are compromised by the lack of a logical fit between consensual and regulatory norms, which consequently highlights key regulatory challenges
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