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

More than fair “wear and tear”

Proving tenant liability for damage has long been a major worry for landlords but a recent Tenancy Tribunal shows that it can be done.

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.

Commercial

Demand challenges for commercial sector

Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.

Mortgages

LVR loosening likely - ANZ

LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.

Site by PHP Developer