Mortgage reforms were mentioned once again in the midweek press, with the Chairman of the FSA, Lord Turner, claiming in the Financial Times that most borrowers will be unaffected by the new reforms, or will see the size of their potential loan drop ‘only slightly’. The Council of Mortgage Lenders is opposed to many of the proposals, stating that they are ‘sufficiently flawed to justify a full rethink’. The Daily Mail revealed today that dozens of Clydesdale and Yorkshire Bank customers are reporting that their complaints regarding mortgage payment miscalculation have been upheld by the Financial Ombudsmen Service, forcing the lender to write off thousands of pounds of debt. Around 18,000 customers were told in July that they had been under-paying for the last 2 years. Elsewhere, the Daily Express looked at income protection policies as an excellent way of providing long term family protection, pointing out that it can also complement a Critical Illness policy by covering ongoing living costs while the Critical Illness payout helps to clear the mortgage and other debts.
What the papers say- 17th November 2010