This week has brought some interesting news regarding mortgages. Some good, and some bad, but all should hold some interest for our regular debt mangement blog readers.
Our first bit of news is that the FSA has referred 4 firms to its enforcement department for they way they handle their mortgage arrears. This doesn't directly affect our debt management plans, due to the plans being based around unsecured lending as opposed to secured mortgage lending, but it could pave the way for regulation of the unsecured loan market.
Also of interest is that some lenders have decided that to reduce the amount of debt on their books, theyll offer people reductions to move their mortgage! Yes, you read right, lenders such as GMAC are offering customers up to £25000 off of their mortgage to move it elsewhere. This is a drastic measure by the lenders, with Mortgage Express offering to waive redemption penalties to do the same.
If you are struggling with secured or unsecured debts, call MRA Debt Help on 01424 777156
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