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Parliament in mortgage debate

Alleged unfair contract terms in mortgages are to be the subject of a House of Commons debate.

Labour MP for Brent North Barry Gardiner will lead an adjournment debate on unfair terms on January 12.

It is expected to focus on swinging and complicated redemption penalties levied by some lenders.

The debate follows a spate of meetings and measures designed to tackle the issues dogging the mortgage industry including how interest is calculated and compulsory home insurance tie ins, set to be banned.

Council of Mortgage Lenders spokeswoman Sue Anderson says: “Our response to the Commons debate will depend on the quality of the debate and the quality of the information in it. A lot of misunderstanding surrounds redemption penalties. The word penalty in itself is a misnomer and sets the tone. It&#39s a case of wait and see.”

The Treasury&#39s anouncement on whether mortgages are to come under statutory regulation is due this month.

* Portman Building Society has thrown out a resolution from rebel members seeking to force it to abandon its mutual status and a second motion calling for a charity to benefit to any future conversion. The society acted following legal advice that the motions breached its rules. It has reopened its doors to new accounts as result.


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