Half of borrowers know about the Mortgage Code

Some 55% of borrowers are now aware of the Mortgage Code, according to the Mortgage Code Compliance Board. It has released research into consumer awareness of the Code, and the consumer rights supported by it, and attributes this figure to the new version of the customer leaflet, You and Your Mortgage. A third, 34%, of respondents (borrowers and non-borrowers) were aware of the Mortgage Code (up from 28% a year ago). Of these, 64% believe it ensures a fair deal for borrowers and 63% believe due consideration means understanding ‘affordability’ when arranging a mortgage. Just over half, 51%, of customers believe they will receive sympathetic treatment for financial difficulties should they arise.