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Anorak | Bank Make Too Many Errors Says Jim Cousins MP

Bank Make Too Many Errors Says Jim Cousins MP

by | 28th, May 2007

A LABOUR MP on the Treasury select committee has claimed that a large number of homeowners are being overcharged by mortgage lenders because of apparent errors in the calculation of interest owed.

Jim Cousins’ claims follow a review by auditing firm BankCheck , which found that the likes of the Nationwide, Alliance & Leicester and Abbey have been benefiting from these blunders with repayment mortgages apparently the most prone to the mistakes.

Cousins now wants a new banking code of practice in which customers’ repayments are checked regularly by the lender.

However surprise surprise the banks have refuted the claims.

Abbey says: “Checks are built into our mortgage processes. We are confident that this process is robust.”

The

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Posted: 28th, May 2007 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink