Mortgage Arrears and House Repossessions - New Rules Proposed
The Financial Service Authroity has proposed new rules to make the repossession of houses the last resort employed by banks when dealing with mortgage arrears. The FSA wants to ensure borrowers are treated 'more fairly' by banks and to ensure that those who fall behind in their mortgage payments are not landed with an unfair level of charges.In September 2009, there were 164,000 mortgages in arrears by 2.5% of more of their outstanding balance.
The FSA is also looking to tighten rules on mortgage brokers and their staff and also wants to ban self-certified mortgages, with all borrowers needing to prove that their could afford the mortgages they are applying for.
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