Calls for banks to treat borrowers fairly

There have been calls for the leading high street banks in the UK to treat their mortgage customers fairly.

According to Fool.co.uk, the current economic climate means that banks can and in some cases are offering mortgage deals that are relatively unfavourable to borrowers.

Many people could find themselves with a debt management headache as a result and the price comparison firm has reminded banks that their customers will remember the kind of service they received when they have a wider choice of products and providers.

“If they [banks] exploit their privileged position now, then they need to be ready to duck for cover when the pendulum swings back the other way,” said David Kuo, head of personal finance at Fool.co.uk.

David Dooks from the British Bankers’ Association said last week that despite the money problems being faced by families across the country the remortgaging market has been “holding up”.

By Giles Stevenson