FSA mortgage proposals 'will benefit' borrowers
www.moneynews.co.uk > Housing market > FSA mortgage proposals 'will benefit' borrowers
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FSA mortgage proposals 'will benefit' borrowers
Fri 29th Jan 2010
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The price comparison website believes that the changes announced by the Financial Services Authority will see the end of charging for what it believes should be free advice.
Furthermore, institutions will no longer be allowed to use payments to pay off arrears charges rather than monthly payments, or charge high administrative fees.
"It is quite clear that lenders should never have been allowed to profit from those in financial hardship," said Hannah-Mercedes Skenfield, mortgages manager at moneysupermarket.com.
But those who already face additional charges on their mortgages will not be covered by the new rules, with the advice being to contact their lender if they feel they have been treated unfairly, or take their case to the Financial Ombudsman.
However, it has not all been good news recently for mortgage holders, with the price comparison site stating that Skipton's decision to increase its standard variable rates could result in other institutions doing the same.
Click here for more housing market news
Related News : Housing market |
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