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Julian Sturdy - Strong Voice for York Outer

Julian Sturdy

Member of Parliament for York Outer

Latest News & Campaigns

Julian seeks meeting with Shepherd Group after closure announcement for Portastor of Huntington

Julian seeks meeting with Shepherd Group after closure announcement for Portastor of Huntington

I have today contacted local business the Shepherd Group, Portastor’s parent company, to request a meeting on the planned closure of this firm, so I can receive a detailed update on what this means for Portastor employees, and see if there is anything I can do to assist them at this difficult time. Portastor currently

Julian raises York youth mental health services in Parliament

Yesterday, Julian spoke about the importance of keeping waiting times for York’s youth mental...

York Press column – Action on climate change

No one following the news recently can have missed the growing prominence of climate...

Julian meets Minister for Children and Families to highlight Special Educational Needs pressures in York

Last week, Julian met with the Minister for Children and Families, Nadhim Zahawi MP,...

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.”