{"id":702,"date":"2015-08-23T00:00:00","date_gmt":"2015-08-23T00:00:00","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/uk-mortgage-lenders-avoiding-home-repossessions\/"},"modified":"2016-09-12T14:23:26","modified_gmt":"2016-09-12T14:23:26","slug":"uk-mortgage-lenders-avoiding-home-repossessions","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/uk-mortgage-lenders-avoiding-home-repossessions\/","title":{"rendered":"UK Mortgage Lenders Avoiding Home Repossessions"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span class=\"style49\" style=\"font-family: times new roman; font-size: 16px;\"><span class=\"style47\"><strong><span style=\"font-family: arial; font-size: 21px;\"><span style=\"font-family: Verdana; font-size: 10pt;\"><strong>Council of Mortgage Lenders Issued Industry Guides in Fair Practices<\/strong><\/span><\/span><\/strong><\/span><\/span><span style=\"font-family: Verdana; font-size: 10pt;\"><br \/>\nThe Council of Mortgage Lenders announced that its members are fully committed to helping borrowers who get into mortgage difficulties keep their homes and that repossession was a very last resort. <\/span><\/p>\n<div class=\"style47\" style=\"margin-bottom: 0px;\"><span style=\"font-family: Verdana; font-size: 10pt;\">The CML responded to a recent report by the Treasury Committee\u2019s in which it found that that the majority of lenders are taking pro-active steps to support consumers in mortgage difficulties.<\/span>\n<\/div>\n<div class=\"style47\" style=\"margin-top: 0px; margin-bottom: 0px;\"><span style=\"font-family: Verdana; font-size: 10pt;\">The CML has issued comprehensive industry guidance and consumer information to help the industry and borrowers identify fair practices. These mechanisms apply to all first charge lenders, whether mainstream or not.<\/span><\/div>\n<div class=\"style47\" style=\"margin-top: 0px; margin-bottom: 0px;\"><span style=\"font-family: Verdana; font-size: 10pt;\">CML head of policy Jackie Bennett said\u201d The industry is fully engaged to help its customers through the recession where they have a good prospect of being able to get back on track and sustain their home-ownership in the long term. Repossession remains a last resort.<\/span>\n<\/div>\n<div class=\"style47\" style=\"margin-top: 0px; margin-bottom: 0px;\"><span style=\"font-family: Verdana; font-size: 10pt;\">We share the Committee\u2019s view that the FSA should take action in the small minority of cases where there are any legitimate findings of poor practice. <\/span><\/div>\n<div class=\"style47\" style=\"margin-top: 0px; margin-bottom: 0px;\">\n<p><span style=\"font-family: Verdana; font-size: 10pt;\">The position on fees and charges for those in arrears (as set out by the FSA) is that they must reflect the actual work carried out without a profit element and that they should be transparent.<\/span><\/p>\n<\/div>\n<div><span style=\"font-family: Verdana; font-size: 10pt;\">See related new item:<a href=\"https:\/\/www.thehouseshop.com\/property-blog\/mps-say-mortgage-lenders-make-excessive-arrears-charges\/671\/\"><span style=\"font-family: Verdana; font-size: 10pt;\">Lenders making excessive charges \u00a0<\/span><\/a> <\/span><\/p>\n<div><span style=\"font-family: Verdana; font-size: 10pt;\">\u00a0<\/span><\/div>\n<p><span style=\"font-family: Verdana; font-size: 10pt;\">It is important to recognise there is a cost to the lender for the additional work when managing mortgages that go into arrears and it is fair to charge for that work. Lenders need to employ staff to liaise with borrowers, to monitor the ongoing situation, and they may also incur legal costs. If lenders do not charge the borrowers who are in difficulty for these costs, they would be borne by all customers. Each firm\u2019s cost base will differ so it is not straightforward to say a specific figure is \u201cfair\u201d or that higher charges are \u201cunfair\u201d.<\/span>\n<\/div>\n<div class=\"style47\"><span style=\"font-family: Verdana; font-size: 10pt;\">\u00a9 <\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/category\/news\/\"><span style=\"font-family: Verdana; font-size: 10pt;\">Housing Market News<\/span><\/a><span style=\"font-family: Verdana; font-size: 10pt;\"> by The\u00a0House Shop<\/span><\/div>\n<p class=\"style50\" style=\"margin-bottom: 0px;\"><strong style=\"font-family: Verdana; font-size: 10pt;\"><a href=\"https:\/\/www.thehouseshop.com\/property-for-sale\" title=\"property for sale\">Property For Sale<\/a><\/strong><\/p>\n<p class=\"style47\" style=\"margin-top: 0px;\"><span style=\"font-family: Verdana; font-size: 10pt;\">The\u00a0House Shop\u00a0has thousands of homes for sale from all over the UK direct from the owners find <\/span><a href=\"https:\/\/www.thehouseshop.com\/property-for-sale\"><span style=\"font-family: Verdana; font-size: 10pt;\">property for sale<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Council of Mortgage Lenders Issued Industry Guides in Fair Practices The Council of Mortgage Lenders announced that its members are fully committed to helping borrowers who get into mortgage difficulties keep their homes and that repossession was a very last<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/uk-mortgage-lenders-avoiding-home-repossessions\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[15,16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/uk_mortgage_lenders_avoiding_home_repossessions","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/702"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=702"}],"version-history":[{"count":4,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/702\/revisions"}],"predecessor-version":[{"id":5136,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/702\/revisions\/5136"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=702"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}