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29/01/2010 18:06:12

FSA provides protection to those with mortgage arrears

New protection to be provided to mortgage owners in arrears is a positive move, it has been suggested.

The Financial Services Authority (FSA) announced that firms must not apply a monthly arrears charge where the customer has made a repayment plan to resolve the arrears.

Firms will also be made to consider all options for borrowers and repossessions should always be seen as a last resort.

Ray Boulger, senior technical manager at John Charcol, said: "The FSA proposal is very reasonable on that basis and obviously does avoid putting further pressure on people who have gone into arrears."

He added that there has been a great deal of political pressure and that lenders want repossessions to be a last resort because they are "bad news for lenders just as they are bad news for borrowers".

Research from Shelter recently revealed that one in 12 Londoners had to resort to using plastic to pay their mortgage or rent in the past year.

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