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OFT launches consultation into second charge lending

The Office of Fair Trading is launching a consultation into setting up guidelines for second charge lenders.

The consultation has been triggered by a government review which looked into arrears and repossession practices in the second charge sector.

It found that despite some examples of good practice within second charge lending there is scope to improve.

The draft guidance will focus on issues including advertising and selling techniques, contractual terms and arrears management practices.

This will work alongside existing OFT lender guidance, with responses also forming part of the organisation’s wider project on irresponsible lending.

The deadline for responding to the consultation is May 8.


Guardians of the flame

With the government happy to play the blame game rather than do something useful such as kick-start lending, it is gratifying to see brokers and lenders taking matters into their own hands.

Pink sees increase in leads success

Pink Home Loans is seeing an increasing number of mortgage enquiries coming from its appointment generation scheme.


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