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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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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.
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Inflation fell to 0% in August, new figures from the Office for National Statistics (ONS) have revealed. The UK's national inflation rate fell from 0.1% in July, as measured by the Consumer Price Index. The ONS figures also show that the Retail Prices Index (RPI) rose from 1.0% in July to 1.1% in August.
Inflation Drops To 0% In August
Inflation fell to 0% in August, new figures from the Office for National Statistics (ONS) have revealed. The UK's national inflation rate fell from 0.1% in July, as measured by the Consumer Price Index. The ONS figures also show that the Retail Prices Index (RPI) rose from 1.0% in July to 1.1% in August.
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UK House Prices Increase By 10.2%
UK house prices rose by 10.2% in the year to June 2014, according to the Office for National Statistics (ONS). House price annual inflation was 10.7% in England, 3.5% in Wales, 6.0% in Scotland and 4.9% in Northern Ireland. House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.
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24 July 2014
Figures Show A Rise In Retail Sales
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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".
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
