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Treasury announces greater protection for mortgage borrowers

Posted 2nd December 2009.

According to the Treasury, borrowers who have their mortgages transferred to third parties after being sold by lenders will receive the protection they need against potential repossession .

The government has vowed to reform the mortgage system after the credit crunch, both for the peace of mind of consumers and to improve the stability of the housing market .

A consultation on the proposals has begun, closing on February 15th 2010.

Sarah McCarthy-Fry, exchequer secretary, said: "Since the onset of the global financial crisis, the government has worked hard to ensure mortgage borrowers are treated fairly by their banks . Our focus has been to do all we can to make sure people can stay in their homes ."

The Finance and Leasing Association recently found that the number of people failing to keep up with repayments on their second charge mortgage has fallen.

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