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.

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