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25/10/2012
FSA To Introduce New Mortgage Loans In 2014
Tougher rules on UK mortgage lending will be introduced in 2014, later than expected, the City regulator has confirmed.
Under new rules from the Financial Services Authority (FSA) lenders will have to put a borrower's ability to repay under greater scrutiny.
This is being done in an effort to stop a resurgence in risky mortgage lending seen during the last housing boom in the UK.
Under the proposals, which went through consultation, the rules had been expected to come into force in the summer of 2013, but have now been put back to April 2014.
"We recognise that many lenders are now using a far more sensible set of lending criteria than before, but it is important that these common sense principles are hard-wired into the system to protect borrowers," said Martin Wheatley, managing director of the FSA.
"We want borrowers to feel confident that poor practices of the past, which led to hardship and anxiety, are not repeated."
(H/CD)
Under new rules from the Financial Services Authority (FSA) lenders will have to put a borrower's ability to repay under greater scrutiny.
This is being done in an effort to stop a resurgence in risky mortgage lending seen during the last housing boom in the UK.
Under the proposals, which went through consultation, the rules had been expected to come into force in the summer of 2013, but have now been put back to April 2014.
"We recognise that many lenders are now using a far more sensible set of lending criteria than before, but it is important that these common sense principles are hard-wired into the system to protect borrowers," said Martin Wheatley, managing director of the FSA.
"We want borrowers to feel confident that poor practices of the past, which led to hardship and anxiety, are not repeated."
(H/CD)
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19 December 2011
New Rules Make Mortgage Lending Tougher
A report on published on Monday may make it tougher to get mortgages in future, in order to stop "risky lending". The Financial Services Authority (FSA) announced its plans to prevent a return of the "risky mortgage lending seen in boom times", and to prevent the recurrence of what it called "irresponsible lending".
New Rules Make Mortgage Lending Tougher
A report on published on Monday may make it tougher to get mortgages in future, in order to stop "risky lending". The Financial Services Authority (FSA) announced its plans to prevent a return of the "risky mortgage lending seen in boom times", and to prevent the recurrence of what it called "irresponsible lending".
19 October 2009
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
20 June 2011
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
25 April 2014
New Rules For Mortgage Lenders
The Financial Conduct Authority (FCA) is introducing new rules for mortgage lenders and advisers in the UK. In the past, some people were allowed to take out a mortgage they could not afford. This led to some falling behind with their payments or losing their home.
New Rules For Mortgage Lenders
The Financial Conduct Authority (FCA) is introducing new rules for mortgage lenders and advisers in the UK. In the past, some people were allowed to take out a mortgage they could not afford. This led to some falling behind with their payments or losing their home.
13 February 2009
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
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