New rules on mortgage debt

26/01/2010

The Financial Services Authority has proposed new rules to protect mortgage holders who are in arrears.

The FSA says it wants to ensure that those borrowers are treated fairly, especially ones who have borrowed from specialist lenders.

It's hoped the proposed changes will make it so repossession is a last resort and that borrowers in arrears are not levied unfair charges.

The suggested changes are part of the FSA's current review of the way the montages marjet works as a whole.

Lesley Titcomb from the FSA says "Today's proposals underline the standards that firms must meet and will help to ensure that homeowners in financial difficulties are treated fairly".

She went onto say that "Lenders need to be in no doubt of their obligations to customers who fall behind with payments and must realise that such circumstances are not an opportunity to create further profits".

Debt solutions expert, EuroDebt welcomes this initiative. With its Debt Management Plan it places huge importance on helping its clients pay their priority payments - including their mortgage.

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