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MCCB mortgage guide now in seven languages

The Mortgage Code Compliance Board is translating its mortgage guide into seven languages to help homebuyers unable to speak English as a first language to access information about their rights.

The move comes after a report published by the Office of Fair Trading stressed the importance of protecting potentially vulnerable consumers such as ethnic minorities.

The You and Your Mortgage guide gives the homebuyers details about minimum standards and their lender&#39s obligations as well as pointers on factors to consider when choosing a mortgage and information about who to contact if they are unhappy with their lender or intermediary.

After analysing population figures provided by the Office of National Statistics, the MCCB has produced the guide in Welsh, Urdu, Hindi, Bengali, Gujurati, Punjabi and Cantonese.

The 150 lenders and 13,000 intermediaries registered with the board must give all customers a copy of the leaflet at the beginning of the sales process.

Chief executive Luke March says: “Ensuring all homebuyers are aware of their rights under the mortgage code is a top priority for the MCCB. Translating the You and Your Mortgage leaflet into non-English languages is a huge step towards this.”

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