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Labour’s axis of evil is letting firms go out of business

It’s about time Northern Rock started looking after its existing borrowers. I am a prime example, being a mortgage broker who cannot remortgage away because my income is lower than it was when I got my mortgage.

This is a result of the credit crunch, lenders’ dual pricing behaviour and the Financial Services Authority limiting what we are permitted to advise on. It is now almost impossible to get mortgages beyond retirement and for other special situations.

So along with many thousands of others, I’m stuck on a relatively high variable rate and living in fear of what will happen when interest rates rise again.

I am a long-term Labour supporter but I have become increasingly angry and ashamed of the party’s behaviour.

There is an axis of evil in operation consisting of the Treasury, the FSA and banks. If this sounds extreme, ask any broker if the conduct of lenders meets the FSA’s Treating Customers Fairly initiative.

Then ask firms going out of business if they have had any help from the government or banks.

Stuart Duncan

By email


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