MIS-SELLING OF MORTGAGES

Motion Text

That this House is alarmed at the continuing high sales of endowment mortgages; agrees with the Consumers' Association that endowments are 'risky inflexible products which typically pay seven times the commission of repayment mortgages'; calls for legislation to end the hidden charges and high redemption charges in other mortgages; and urges speedy compensation for the victims of mis-selling and the establishment of a financial advice service that will be independent of the selling process.