Over 750,000 mortgage borrowers in line for compensation after lenders overcharge them for late payments
More than 750,000 mortgage borrowers could be in line for compensation as a result of their bank overcharging them when they fell behind on repayments.
The City's financial watchdog, the Financial Conduct Authority, today revealed that technical glitches in many lenders' systems had resulted in hundreds of thousands of vulnerable customers being hit with excessive charges when they failed to pay their mortgage on time.
It means borrowers who fell into arrears after June 2010 could receive several hundred pounds in redress.
Jonathan Davidson, of the FCA, said: 'Customers do not have to take... read more
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