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FCA aims to help more people such as first-time buyers to access mortgages
- The Financial Conduct Authority set out new proposals to update mortgage rules, aiming to widen access for FTBs and OAPs while supporting the Government's pro-growth agenda to remove barriers to finance.
- Current mortgage rules have not kept pace with changing lifestyles, leaving creditworthy people underserved, particularly self-employed borrowers who face barriers under existing requirements that rely on historic indicators.
- Among the proposals, the FCA aims to remove repayment strategy requirements for interest-only mortgages where the loan is less than 25% of property valuation, giving firms greater flexibility to support underserved customers.
- Matt Smith, a mortgage expert at Rightmove, described the proposals as "positive," though he noted implementation success depends on how simple they are for lenders and brokers to execute.
- The FCA consultation remains open for feedback until July 28, with the regulator aiming to reduce barriers for firms to offer flexible repayments and assess affordability based on current circumstances rather than past credit history.
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17 Articles
FCA Mortgage Overhaul Targets Self-Employed and First-Time Buyers With New Flexibility Rules
Britain’s financial watchdog wants to tear up parts of the mortgage rulebook. The Financial Conduct Authority has put forward a… Read the original on FCA Mortgage Overhaul Targets Self-Employed and First-Time Buyers With New Flexibility Rules. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
Coverage Details
Total News Sources17
Leaning Left2Leaning Right2Center2Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
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