Mortgage News
"Mortgage information needs improvement, expert warns"
July 2006
While mortgage information provided to UK borrowers is improving, there is still more to be done, claims an expert.
Large mortgage lenders are now providing significantly improved information, but there are still major concerns about that provided by mortgage intermediaries, according to the Financial Services Consumer Panel.
The panel found that there were a wide range of problems with compliance still to be addressed.
These include mortgage intermediaries' Key Facts Illustrations, many of which contained contradictory and inaccurate information on the fees and charges the borrower would have to pay.
Furthermore, 55 per cent of mortgage intermediaries' initial disclosure documents had five or more errors, some of which were small, but could still "significantly undermine" a borrower's ability to find a mortgage that suits them.
John Howard, chairman of the Financial Services Consumer Panel, said: "If consumers can see clearly what mortgages they can buy and how much the alternatives will cost, then they can take an informed decision and have confidence in the market ."
The Financial Services Consumer Panel is an independent body which provides advice for UK consumers
Source: Mortgages.co.uk
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© 2007 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
Mortgage information needs improving
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