How to reclaim mortgage arrears charges
If you have ever fallen behind on your mortgage repayments,
hefty mortgage arrears charges were more than likely applied to
your account.
Lenders often charge anywhere between £10 and £50 in mortgage
arrears charges to borrowers who have fallen behind. Instead of
helping those in financial difficulty, they only exacerbate their
money woes.
But did you know that mortgage arrears charges can sometimes be
reclaimed?
The Financial Services Authority has brought several lenders to
book for mistreating customers with mortgage arrears. Mortgage
lender GMAC-RFC was fined nearly £10m for punishing borrowers in
arrears rather than helping them.
As a result of the FSA's action, more and more lenders are
helping borrowers in mortgage arrears and will often refund their
penalty charges in full.
If you are a homeowner and want to find out how to reclaim
mortgage arrears charges, then click here to see our free mortgage arrears reclaim
guide.