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Record number of mortgage complaints


The Financial Ombudsman has received a record number of complaints about mortgages and claimed that a rising number of people are in “debt denial”.

The service received 13,659 complaints about mortgages and secured loans in the past 12 months, an increase of 5.63% year-on-year. This is despite home repossessions dropping recently.

Additionally, about 40% of these complaints were from home owners who are struggling to make their mortgage repayments.

This has led to fears about the effect of interest rates potentially increasing from the record low of 0.5% the Bank of England has currently set it at.

Unrealistic appeals

Tony Boorman, the Chief Financial Ombudsman said that there have been a number of homeowners who have made “unrealistic” appeals by asking for debts to be written off or interest to be suspended indefinitely.

It is for this reason that the Ombudsman has rejected around two thirds of these complaints.

Mr Boormam also said that whilst many of these cases are “heart-breaking to deal with,” they could “potentially have been avoided” if help was sought out sooner.

He stressed that if you are struggling to make your mortgage repayment, you should seek out help sooner rather than later.

However, he also added that lenders need to play their part in helping home owners get out of debt by being “more creative”.

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