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FCA forces mortgage broker to offer advice redress

The Mortgage Matters Partnership, which is based in Altrincham, said it may not have fully considered the costs and implications of consolidating debts when advising customers on debt consolidation mortgages.

The firm admitted it may not have taken full account of other options such as debt management or insolvency arrangements, whether it was appropriate for clients to secure a previously unsecured loan, and the costs associated with extending the period of consolidated debt repayment.

Customers may have been affected by the failings between 1 January 2007 and 7 July 2014.

Debt consolidation mortgages enable borrowers to pay off debts from credit cards, store cards and other personal loans rolling them into one monthly payment at a lower interest rate.

But they are not guaranteed to save customer’s money, as borrowers could end up paying more to service their debt over a longer period. 

Mortgage Matters Partnership will appoint a third party, agreed in advance with the FCA, to manage the redress programme work on its behalf.

Strong US Jobs Report Bolsters Case for Further Fed Tightening

July's monthly increase in earnings could, however, offer Fed policymakers some assurance that inflation will gradually rise to the U.S. central bank's 2 percent target.

Economists expect the Fed will announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities at its next policy meeting in September. The Fed bought these securities to lower interest rates in the wake of the 2007-2009 financial crisis.

Sluggish wage growth and the accompanying benign inflation, however, suggest the Fed will delay raising interest rates again until December. It has increased borrowing costs twice this year and its benchmark overnight interest rate is in a range of 1 percent to 1.25 percent.

How do i set up my own mortgage advisory business?

Hi Guys,
I am wondering if someone can help me. I am a qualified mortgage advisor (with 2 CeMap Papers) and the qualifictaions to sell non regulated insurance products. I used to work for a large building society but took some time out.

All the info you need to know about regulatory, licensing and qualification matters can be found here: firms/mortgage/index.