Thursday, February 22

Day: October 8, 2015

Unfair mortgage rejections to be investigated by watchdogs
ENGLISH

Unfair mortgage rejections to be investigated by watchdogs

    Banks could be told to offer mortgages to older borrowers, pregnant women and customers frozen out of the cheapest deals after the financial watchdog announced an investigation into unfair rejections. Officials are understood to be concerned that lenders are wrongly using rules introduced in 2014 to block responsible people from buying and moving homes and remortgaging. Testimony from older borrowers suggests many are being denied loans that would stretch into retirement, even if they have sufficient money to pay off the capital and interest. "This investigation by the FCA is absolutely essential because there are people out there, who consider themselves perfectly good borrowers, who are being frozen out of the market." A survey published today found that one in 10 women ...