MIS-SELLING OF MORTGAGES
Early day motion 11, tabled 17 November 1999 by Paul Flynn (Labour). Signed by 56 members.
That this House is alarmed at the continuing high sales of endowment mortgages; agrees with the Consumers' Association that endowments are 'risky inflexible products which typically pay seven times the commission of repayment mortgages'; calls for legislation to end the hidden charges and high redemption charges in other mortgages; and urges speedy compensation for the victims of mis-selling and the establishment of a financial advice service that will be independent of the selling process.
Signatures by party: Labour 48, Liberal Democrat 6, Labour/Co-operative 2.