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MPs to investigate mortgage problems

The Treasury Select Committee has called on the mortgage industry to give evidence for an upcoming enquiry into the problems facing the UK mortgage market.

It says it will be addressing the problems of mortgage debt and access to mortgage finance. In particular, the inquiry will focus on households affected by the recession and struggling with mortgage arrears, as well as problems in accessing finance for first-time buyers.

The MPs are asking the mortgage industry to submit evidence on the current number of homeowners in mortgage arrears and forecasts for the trend in mortgage arrears over the medium-term the number.

It will be also investigating the characteristics of homeowners who have had their properties repossessed, the number in the process of having their homes repossessed, as well as forecasts for the trend in repossession levels over the medium-term.

The committee also wants to see evidence of treatment by, and the approaches taken, by mortgage lenders towards homeowners in arrears or at risk of repossession.

MPs, led by chairman John McFall, will also be investigating the impact of the credit crunch on access to mortgage finance. The deadline for evidence is July 1.



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There is one comment at the moment, we would love to hear your opinion too.

  1. MPs to investigate mortgage problems
    Yet another enquiry into the mortgage market and this time by a bunch of people many of whom will be out of a job this time next year and are hardly qualified – does it make sense to have a group whose own finances are under the spotlight passing comment, let alone judgment, on matters financial – who will take them or their findings seriously? Yet another waste of time and taxpayers money.

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