New credit laws affecting second charge mortgages will see the redemption penalties on loans repaid ...
New credit laws affecting second charge mortgages will see the redemption penalties on loans repaid early cut to the equivalent of one monthly mortgage payment. Gerry Sutcliffe, consumer affairs minister, said: ‘A central part of the Consumer Credit Act (CCA) review has been changing the rules to deliver a better deal for consumers who settle loans early.’ A White paper will be published in the autumn to implement the reforms to the 1974 CCA.
