AMI call for 'calm in the mortgage industry'

The Association of Mortgage Lenders (AMI) has called for calm within the mortgage market in light of several recent stories about mortgage fraud.

The Financial Services Authority noted the problem of criminal activity in the market and AMI has stated that any lenders found to be involved should be banned from the industry.

However, the group wishes to point out that, while this is a serious issue, it still represents a very small proportion of the industry and that it may not be good to undermine consumer confidence.

Commenting on this, Richard Farr, director of AMI, said: "It is important at this time that commentators choose their words wisely so not to make conditions worse, to the detriment of consumers. In the current climate we are calling for calm within the industry. We must remember that consumer confidence is at risk if observers seek to unduly escalate fears of fraud."

AMI also stressed that the number of cases that the press are claiming to have taken place are "pure speculation" and have not been confirmed by the FSA.

The group recently said that the news that the number or repossessions last year was less than predicted was good news for consumers.


Are you buying property? Compare thousands of different mortgages here

Remortgaging? Get advice on Abbey, Halifax and Nationwide remortgage products.