Inquiry to take place into mortgage finance and arrears

18 June 2009

An inquiry is set to take place into mortgage finance and arrears, the Treasury Committee has revealed.

It will focus on households that are struggling with mortgage repayments and are facing the threat of repossession, as well as the problems being experienced by some first-time buyers in terms of accessing finance.

The inquiry is to seek evidence on the number of homeowners who have lost their homes due to mortgage problems and forecasts concerning the trends of mortgage arrears over the medium term.

It will also look at the treatment of people in arrears by lenders.

In addition, the impact of the credit crunch on access to mortgage finance will be assessed by those involved in the report.

The deadline for the submission of information to the inquiry is Wednesday July 1st.

Currently chaired by John McFall, the Treasury Committee exists to examine the expenditure, administration and policy of a range of institutions, including the Bank of England and the Financial Services Authority.

Our initial advice on your best financial solution is free. Fees payable when continuing service is provided. Calls may be recorded for training and quality purposes.