Monday, 10 August 2009

Treasury Committee challenges mortgage arrears fees

The House of Commons Treasury Select Committee has attacked the way some mortgage lenders levy high charges on customers who fall into arrears.

The Treasury Committee said this practice was "intolerable" and demanded that the Financial Services Authority (FSA) put a stop to it.

The committee also said some lenders were breaking the rules by using repossession as a first, rather than last, resort with borrowers in arrears.

The FSA said it would publish proposals this autumn after a widespread review. Full story on BBC Business here. See GLC's mini-site on mortgage arrears charges here.

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