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Julian Sturdy - Strong Voice for York Outer

Julian Sturdy

Member of Parliament for York Outer

Latest News & Campaigns

Julian expresses delight at Government confirmation of ring road dualling scheme

Julian expresses delight at Government confirmation of ring road dualling scheme

Julian has today received official confirmation from the Roads Minister, Baroness Vere that she has signed off on City of York Council’s bid for Government funding for the dualling of the A1237 between the Rawcliffe and Hopgrove roundabouts. Subject to the approval of the Final Business Case, the Department has agreed to contribute just under

Julian welcomes National Railway Museum funding boost and requests meeting with Housing Minister to secure York Central access funding

Julian has today welcomed the Culture Secretary’s announcement that the National Railway Museum in...

Julian welcomes Queen’s Speech 2019

Julian has welcomed the Queen’s Speech for 2019, setting out the government’s proposed draft...

Julian urges Prime Minister to support campaign to save Askham Bog

Yesterday, Julian questioned the First Secretary of State, Dominic Raab, who was standing in...

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.”