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Good practice guidelines on second charge mortgages

New consumer-facing good practice guidelines on second charge mortgages have been launched by the Finance and Leasing Association (FLA).The measures aim to make clear what mortgage customers who are having problems making repayments will get from their lenders.Consumers should be encouraged to find free and independent advice on their money and a realists repayment plan should be considered, which looks at the customer in question's individual circumstances.Additionally, there should always be a contact point for customers to have their questions answered and possession actions should be avoided where a customer is adhering with a repayment plan.FLA director-general Stephen Sklaroff said that his organisations members were "committed" to treating customers "fairly and sympathetically"."These new Guidelines will give customers the extra reassurance of knowing that the industry is doing everything it can to ensure that people facing problems in current economic circumstances are given the help and advice they need, and that repossession remains very much a last resort," he added.

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