13 Mar

Call for fairer treatment for mortgage holders

Call for fairer treatment for mortgage holders

The Financial Ombudsman has raised concerns about the treatment of homeowners who are struggling to meet their mortgage repayments.

In a speech to the Council of Mortgage Lenders (CML), Tony Boorman, decisions director and principal ombudsman, said that the service has seen a 50 per cent rise in complaints about mortgages since April 2007.

Many of these complaints revolve around exist fees, he explained.

"The application of extensive fees for customers already experiencing debt problems may not be fair treatment," he commented.

Mr Boorman also spoke out against lenders who do not hesitate to sell products to borrowers who are already overstretched.

He said that ideally a consumer should be aware of their own financial capabilities and be able to choose accordingly, but added that "in practice matters are not always as clear-cut as this suggests".

The financial ombudsman was set up by Parliament to settle disputes between businesses that provide financial services and their customers.
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