New Beginning to meet with lenders over mortgages buyout

17th December, 2014

Not-for-profit group New Beginning is set to meet with lenders this week on its proposals to purchase thousands of distressed mortgages.

The debt advocacy group hopes to purchase 15,000 mortgages from lenders and give distressed borrowers the option of renting their homes, with a right to re-purchase the property if their circumstances improve.

Barrister Ross Maguire, one of New Beginning’s co-founders, said that it had “received feedback from all the main players, with the exception of...

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