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Lenders call to drop compulsory insurance

Specialist mortgage lenders are calling upon the Government to abolish compulsory insurance and make redemption charges clearer.


Lenders made their views known at the second of a series of mortgage “summits” with trade and industry secretary Stephen Byers.


Byers met nine lenders who argued redemption penalties should be expressed as a cash sum and should not extend over discounted or fixed-rate offer periods. They also recommended redemption penalties should not be levied on home-owners who moved house but stayed with the same lender.


Byers did not comment on the lenders&#39 proposal to abolish mortgages linked with compulsory home insurance.


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