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&#39Positive impact&#39 of mortgage code

The majority of the public believe borrowers receive a fair deal when

taking out a mortgage as a result of the mortgage code, according to

new consumer research by the MCCB.

But the board says levels of awareness about regulation among the

public remain relatively low.

Its research, carried out in November among 1,000 borrowers, found

that 34 per cent are now aware of the code, up from 28 per cent in

November 2001.

However, of those who know about the code, 64 per cent agree a fair

deal is negotiated as a result, which is slightly down from 65 per

cent the previous year.

And 63 per cent say enough consideration is given to affordability

issues when arranging a mortgage, up from 61 per cent previously.

Another 63 per cent of respondents say mortgage charges are fair, the

same as a year before. The same number are confident they are

protected against future sur-prises such as an increase in interest

rates.

Over half, 51 per cent, think they will receive sympathetic treatment

if they get into financial difficulties, up from 49 per cent.

The board is adamant it will continue to raise the industry&#39s

standards and reputation in the period up to FSA statutory regulation

of mortgages in 2004.

MCCB chief executive Luke March says: “The code has now been in place

since 1997 for lenders and 1998 for intermediaries. These research

results show the code is having an increasingly positive impact, as

consumers are becoming much more aware of their rights and how the

code can help them.”

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