§ Mrs. RoeTo ask the Secretary of State for the Environment how many mortgage lenders have adopted the statement of practice on the transfer of mortgages; and whether he will publish a list of those lenders.
§ Mr. Michael SpicerWe have been notified of 188 mortgage lenders who have adopted the statement of practice, which protects borrowers whose mortgages may be transferred to other lenders.
The statement of practice requires that a lender who wishes to be free to transfer a borrower's mortgage must make this clear to the borrower. If this was not done when 264W the loan was taken out, it must be done before any transfer takes place, and any borrower who then objects will not have his mortgage transferred.
I am today publishing a list of those lenders. A copy of the list has been placed in the Library, together with a copy of the statement of practice on the transfer of mortgages.
I welcome the widespread adoption of this statement which will reassure borrowers. I am grateful to the associations representing mortgage lenders for their assistance in bringing the statement to the attention of their members.