FSA Probes Bad Credit Mortgages

Finance watchdog to investigate whether bad credit mortgages serve customers

10th April 2007

The Financial Services Authority (FSA) is to turn its attention to the sub-prime or bad credit mortgages market, with in investigation into whether the products on offer to consumers offer good value, and whether customers are treated fairly over the lifetime of the mortgage.

The FSA recently completed a similar investigation into the general mortgage marketplace, concluding that consumers were better informed than in past years and were increasingly shopping around to get a better deal. The authority now wants to see if the same applies to those who have a more limited choice because of credit problems.

The survey will also focus on the treatment customers may recieve when they fall into problems such as arrears, and whether these mortgageholders are adequately protected by current legislation.

The FSA expects to release its findings before the end of the year. 

Read More: FSA - Mortgage Effectiveness Review: focusing on higher risk areas

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