Rough deal for mortgage-holders

Wednesday 11 February 2004

New administrators of Landcorp mortgages charging high interest rates on late payments

By The Landlord

People with mortgages taken out through an old government department are getting stung by the new administrators.

Agricultural enterprise Landcorp, has sold 418 mortgages for residential, commercial and rural properties to Mortgage Holding Limited, which is run by a group of Auckland lawyers.

However, some of the mortgage-holders, who are mostly superannuitants, have struck problems with late payments. Most of the affected people bought property from Landcorp some years ago on a lease-to-own basis.

Read More - Opens in a new window
Commenting is closed

Property News

Collaboration key to urban development

Central and local government and industry must work together to ensure that the Government’s proposed new urban development strategy is successful.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.


NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.


LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer