Menu
25/04/2014
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.
The FCA has looked at how the process of getting a mortgage can be improved to prevent these problems, and as a result, it will introduce the new rules on 26 April 2014.
The rules cover mortgages where people will use their own home as security for the loan, but do not cover buy-to-let mortgages or second mortgages.
They will also look at how a rise in interest rates might affect a customers' ability to keep up with monthly payments.
(CD/JP)
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.
The FCA has looked at how the process of getting a mortgage can be improved to prevent these problems, and as a result, it will introduce the new rules on 26 April 2014.
The rules cover mortgages where people will use their own home as security for the loan, but do not cover buy-to-let mortgages or second mortgages.
They will also look at how a rise in interest rates might affect a customers' ability to keep up with monthly payments.
(CD/JP)
Related UK National News Stories
Click here for the latest headlines.
05 August 2005
Housing market showing ‘modest improvement’
The housing market is showing a “modest improvement,” the Halifax has reported. House prices increased by 0.2% in July, following a similar rise in June, the Halifax reported. However, the annual rate of house price inflation has continued to fall, dropping to 2.3% in July – the lowest rate of growth since April 1996.
Housing market showing ‘modest improvement’
The housing market is showing a “modest improvement,” the Halifax has reported. House prices increased by 0.2% in July, following a similar rise in June, the Halifax reported. However, the annual rate of house price inflation has continued to fall, dropping to 2.3% in July – the lowest rate of growth since April 1996.
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".
25 October 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.
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.
19 April 2013
Compensation Possible For 30,000 Santander Customers
The UK's second largest mortgage provider, Santander, have said some 30,000 of its customers may be due compensation, due to errors made in 2008.
Compensation Possible For 30,000 Santander Customers
The UK's second largest mortgage provider, Santander, have said some 30,000 of its customers may be due compensation, due to errors made in 2008.
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.
-
Northern Ireland WeatherToday:Dry, bright start this morning with best of sunshine in the west. Thickening cloud over Down and Antrim this morning with a few showers, extending westwards this afternoon. Lighter winds. Maximum temperature 16 °C.Tonight:Rather cloudy and mainly dry at first, then showery outbreaks of rain extending westwards to most places during the night, turning heavier towards morning. Light winds. Minimum temperature 8 °C.
