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Julian Sturdy - Strong Voice for York Outer

Julian Sturdy

Member of Parliament for York Outer

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York Press column – New government must deliver for our region

York Press column – New government must deliver for our region

This summer has brought a dramatic overhaul of our country’s government, with the appointment of Boris Johnson as Prime Minister. This certainly makes for a huge change in style from Theresa May, and the extensive Cabinet reshuffle means the wider government has also undergone thorough renewal. Above all, there has been a major clarification of

Julian concerned to hear of potential job losses at York based SuperBreak

Julian has today reacted to the disappointing news that Malvern Group, the parent company...

Julian applauds strong start made by new Prime Minister

Julian has applauded the progress that his preferred candidate in the Conservative leadership race,...

Julian welcomes the introduction of Claudia’s Law

Julian has today welcomed the introduction of the Guardianship (Missing Persons) Act 2017 after...

Julian campaigns to raise awareness of Shared Appreciation Mortgage scandal

July 5, 2019

This week Julian has questioned Treasury Ministers in the House of Commons in a bid to raise awareness of an unjust equity release scheme that has impacted on thousands of families across the country, including a constituent in York.

Shared Appreciation Mortgages (SAMs) were marketed primarily to pensioners in the 1980s and 90s, with the banks offering an equity release loan in return for as much as 75% of the future increase in value of the borrower’s home. With house prices rocketing across the country since these deals were signed, families have been left facing debts that are completely out of proportion to the original loan (in some cases nine times as much).

Customers are seeking to challenge the banks on the basis that the implications were not adequately explained when the loans were taken out, yet the progress of these cases through the Financial Ombudsman Service remains frustratingly slow.

After speaking in the House of Commons, Julian said:

“I was keen to raise the case of my constituents in York who have been left unable to sell their home due to the liabilities against it from their Shared Appreciation Mortgage. This is an under publicised issue on which those involved have seen little or no progress over many years.

Whilst I thank the Minister for engaging with me on this issue, it is clear from his response that the Government believes this is a matter to be resolved on a case by case basis through the FOS and the courts. I will continue to apply political pressure on the banks to cooperate with consumers and allow their claims to be investigated in a timely manner.”