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NewsNew mortgage rules 'must not stunt access'
New mortgage rules 'must not stunt access'
Posted by Emily Swanson
Reforms implemented in the British mortgage market to prevent irresponsible lending practices must not restrict consumers' chances of getting on the property ladder.
That is according to Catherine Hearnden, director at My Mortgage Direct, who has insisted the regulatory changes brought into effect by the Financial Services Authority should not mean people find it tougher to access home loans.
Yesterday (December 19th), the FSA unveiled its plans to stop any repeat of the "risky mortgage lending" that characterised the home loan market in the lead-up to the global economic downturn.
Ms Hearnden explained that this is a positive step for the sector as it should mean consumers are able to gain better and more thorough advice about a mortgage before signing up, therefore leading to fewer repossessions and payment issues.
"It probably means that more people will get the right product and then that could stop problems turning up further along the line," she added.
20/12/2011 12:16
News category: Property