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FSA to review the UK mortgage market in the autumn

As a result of a Treasury select committee report into the UK mortgage market it looks as though the FSA (Financial Services Authority) is set to perform an in-depth investigation into the sector in autumn 2009. Amid claims that those in mortgage arrears have been charged disproportionately high fees in relation to advice, assistance and ultimately late payment of their mortgage repayments, we could potentially have a similar situation to the UK bank charging saga on our hands.

It is as clear as day that the FSA guidelines and rules confirm that companies can only recover the cost of their additional services, such as those in mortgage arrears, and are not allowed to make a profit from these additional charges. When you consider that some of the niche mortgage lenders in the UK have already been rebuked by the FSA, and indeed some have left the market, this does leave the door open to further action. Whether or not we will see a full-blown legal challenge against these charges, or more of a compromise agreement between the two parties, remains to be seen but the UK mortgage market may well change over the next six months.

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