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MPs launch follow-up mortgage inquiry

The Treasury select committee has launched a follow-up inquiry into households struggling with mortgage arrears and facing repossession.

Following its report into mortgage arrears and access to mortgage finance, published in August 2009, the committee is seeking evidence on the number of homeowners in mortgage arrears, the number of homeowners who have had their properties repossessed, and forecasts for the trend in mortgage arrears and repossessions over the medium-term.

It is looking for information on changes in the treatment of homeowners in mortgage difficulties by lenders, including second charge and specialist lenders and mortgage arrears charges levied by lenders on homeowners in arrears.

It will also consider the FSA’s mortgage market review on improving arrears handling policies and practices by firms and the regulatory approach in this area, including the effectiveness of its enforcement strategy and the effectiveness of Government schemes to support homeowners in mortgage difficulties.

The deadline for submissions is noon on Monday March 1, 2010 and the Committee intends to hold oral evidence sessions later that month.

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