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Lenders call to drop compulsory insurance

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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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