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UK mortgage lenders accused of cashing in on homeowner crisis

UK mortgage lenders are today accused of cashing in on the distress being experienced by many homeowners up and down the country. It would seem that many mortgage lenders are acting extremely quickly to repossess homes and accrue additional charges for those falling behind with their mortgage payments, at a time when the UK economy is struggling to grow. The Treasury select committee recently highlighted a number of issues which included fees for letters confirming customers are behind their mortgages and charges in excess of £100 for debt counselling sessions.

Surely now is the time for UK mortgage lenders to sit back and give those struggling with their mortgage payments a break rather than the heartbreaking news of repossession. There's also the fact that fees are being accrued on a regular basis for those already struggling to survive financially, in the full knowledge that ultimately they will not be able to afford their ever-growing debts. So are UK mortgage lenders actually looking to build up properly portfolios to sell on?

While it may look as though the UK mortgage and remortgage industry is looking to repossess more homes than ever before, the truth is that as more and more people look over the edge of a financial crisis there is a need in many situations to contain growing debts. Ultimately there will be hard decisions to make and many people will end up losing the home they have fought so hard to keep.

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