Lenders provide code of conduct

Lenders provide code of conduct

Mortgage lenders yesterday published a code of conduct regulating the way they treat borrowers. The Council for Mortgage Lenders' proposed code requires lenders to explain to their borrowers the details of any loans they think may suit their specific needs, confirming this advice in writing, if necessary. Lenders will also be required to give a written explanation of mortgage indemnity insurance policies. .A free arbitration system is also proposed.