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CML Scotland response to repossessions working group report

CML Scotland response to repossessions working group report

Tuesday, 9 June 2009 12:00 AM

The Council of Mortgage Lenders Scotland was pleased to be a part of the Repossessions Working Group and looks forward to playing an active role as the Scottish government takes the group's recommendations further.

CML Scotland policy consultant, Kennedy Foster said:

"I'm pleased to have been involved in the working group and hope that today's recommendations will give confidence to borrowers in Scotland that lenders and government are strengthening the existing layers of protection for homeowners in difficulty to ensure court action for possession is only ever a last resort.

"The FSA requires lenders throughout the UK to treat borrowers in arrears fairly and take court action only where all other reasonable attempts to resolve the situation have failed. And this has been reinforced by recent changes to the legal framework in England and Wales which require proof of this from lenders in the courts. Many lenders will have embedded this requirement in their arrears management systems across the UK. We look forward to working with the Scottish government to ensure that any legislation in Scotland is proportionate and complements existing regulation and best practice."

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