Homeowners could be better protected following a government inquiry into the UK mortgage market.
Anyone who has faced difficulties with lenders – particularly those with subprime mortgages - is encouraged to submit their experiences of arrears and repayment difficulties to the Treasury Select Committee by noon on March 1st this year.
The committee is seeking evidence on repossessions and accounts of changes in how homeowners were treated during the recession, by second charge and specialist lenders, as well as standard mortgage firms.
This second investigation into lending conditions should lead to reformation of the mortgage market, after a record number of repossessions in 2009.
It will build on proposals made in the Financial Services Authority's Mortgage Market Review in 2009, which recommended that lenders should hold back on collecting late fees and instead should prioritise mortgage payments.
New proposals will be put forward from the inquiry findings, which will hopefully improve the practices of firms with regard to arrears.
See Also: Property News (6699)
Date Published: 17 February 2010
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