Goods Mortgages Bill starts passage through Parliament

The long awaited Goods Mortgages Bill has completed its first reading in the House of Lords.

In its consultation on the draft bill, HM Treasury described it as:

  • providing increased protection for consumers who use goods that they already own as security for loans;
  • providing protection for innocent third parties who unknowingly buy a vehicle subject to a logbook loan that may be at risk of repossession;
  • removing unnecessary burdens on firms that raise the cost of lending; and
  • creating new opportunities for small, unincorporated businesses to access finance.

Roseyna Jahangir