Firms must not add early repayment charges on top of arrears charges as part of a raft of measures designed to ensure the fair treatment of mortgage holders in arrears.
In its latest consultation paper - part of the FSA's ongoing Mortgage Market Review (MMR) - the regulator also clarifies firms must not apply a monthly arrears charge where the firm and customer have agreed an arrangement to repay the arrears. The FSA says it hopes its proposals will help to ensure mortgage holders in arrears are treated fairly, and reinforce its tough stance in its battle against mortgage fraud. It also confirms it plans to extend its approved persons regime to include mortgage advisers, a measure first announced in last October's MMR. The key arrears proposals: ...
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