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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)
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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.
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