All mortgage lenders have been banned from taking legal action against borrowers in arrears for one year after the householders have missed their first home loan repayments.
The lenders were written to by the Financial Regulator today informing them the new measures will come into effect from 17 February this year.
The measures now cover sub prime lenders, which had not been covered by a voluntary code of conduct.
In a statement, the Regulator said 'the 12 month requirement does not app... read more »
