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Response to Need help quoting Acts for 6 year rule please.

from Melody (mbc109@york.ac.uk)
You need to look at the Council of Mortgage Lenders website (cml.org.uk I think) to get the lowdown on the 6 year "rule". There's a lot of stuff to read through on their Code, but my understanding is that yes, the 6 years is just to do with the first contact they make with you after the sale. Thereafter they have 12 years. Legally, of course, it's still 12 years whether they contact you or not - it's only a voluntary code, not a rule. The fact that most lenders make sure contact is within 6 years suggests to me at least not that they're lovely helpful people who want to make your life easier, but just that this whole area is not yet very much tested in law, and they don't want to risk losing the chance to chase you. I'll be more than delighted if anyone can add a more optimistic answer, but I won't hold my breath.
(posted 8186 days ago)

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