As part of the UK Mortgage Prisoners ‘Fair Mortgages for All’ campaign launched this week, Rachel Neale, Lead Campaigner for the group, has written to Landmark to request that they adopt the FCA guidance on interest only mortgages. Regulated lenders are required to implement these rules as a matter of regulation. However, those stuck on the books of unregulated lenders, such as Landmark, are left to their whim. We argue that there is no good reason to justify their choice to treat customers any differently to those who are protected by the FCA and that they are morally bound to act fairly towards their customers. It cannot be right that one group of people have less protections for their mortgages than others, particularly given they initially entered into regulated mortgages before they were sold off to unregulated entities by the current Government. We note, however, that other regulated banks are also falling foul of their regulatory responsibilities and we will now publicly start to denounce lenders’ iniquity until they resolve these issues.
Please see below for the full letterLandmark_20200219_Press-Release