Read our free mortgage arrears UK advice
For a long time, those who've gone into mortgage arrears in the
UK have been hit with large fines by their lenders. At the
best of times, these fees - which range from £10 to £50 - would be
a nuisance, but when your mortgage is going into arrears they can
be a far more serious problem.
The Financial Services Authority, an independent UK financial
regulatory body, investigated these fees and found that those who
go into mortgage arrears are often treated unfairly by their
mortgage company. The late repayment fines many lenders impose on
their customers were unfair and excessive, it said.
As a result of this, customers in mortgage arrears in the UK are
entitled to claim back money they have lost to late repayment fees.
Due to the FSA's actions, most lenders have agreed to refund this
money.
If you are in mortgage arrears in the UK, and have paid large
sums in late repayment fines to your mortgage lender, you may be
able to make a claim for compensation. Read our free mortgage
arrears reclaim guide for further details.
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