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Byers promises crackdown on mortgage rip offs

Trade and industry secretary Stephen Byers continued his campaign against &#34rip off&#34 Britain by promising a crackdown on mortgage misselling according to the Financial Times.


Byers told the Labour Party conference, consumers were being misled by mortgage contracts which failed to spell out penalties.


He further outlined how he intends to give the Consumers Association the power to bring legal action to stop unfair terms appearing in contracts.


Byers used the speech to summon lenders to a forum to discuss a range of mortgage related issues including redemption fees, tie-ins and repossessions.

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