US EditionFirst-Time Buyers and Retirees ‘Could Gain From Possible Mortgage Rule Changes’
UNITED KINGDOM, JUN 24 – The FCA aims to ease mortgage access for first-time buyers, self-employed, and older borrowers by revising lending rules and stress tests to support sustainable home ownership.
- The FCA has initiated a public consultation to examine how modifications to mortgage regulations might improve access to sustainable home ownership and contribute to economic growth.
- This initiative responds to rising house prices outpacing wages and increasing difficulty for many, especially those without family support, to meet current affordability criteria.
- The FCA highlights potential benefits from flexible lending, such as considering rent payment history and aiding self-employed or income-volatile borrowers, while maintaining responsible lending.
- Since 2014, nearly all mortgages have remained on schedule, while in 2024, over two-thirds of first-time buyers secured loans with durations of 30 years or longer, highlighting both the market's strength and the growing dependence on extended borrowing periods.
- Outcomes may include greater mortgage access for first-time buyers and retirees, along with possible rule amendments after feedback closes on September 19 to balance growth and financial security.
23 Articles
23 Articles
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First Time Buyers And Retirees Could Benefit From Possible FCA Mortgage Rules Changes - HomeOwners Alliance
The UK’s financial watchdog has launched a ‘public conversation’ on the future of the mortgage market, aiming to boost homeownership and support growth. The Financial Conduct Authority (FCA) has published a discussion paper that sets out the potential benefits and risks of rule changes. The regulator says more flexibility could help lenders tailor products more effectively to diverse customer needs. Those who could particularly benefit from chan…
FCA seeks feedback on mortgage rules for 'once in a generation' chance to increase home buying | Today's Conveyancer
FCA seeks feedback on mortgage rules for 'once in a generation' chance to increase home buying: The Financial Conduct Authority has shared a discussion paper on the future of the mortgage market and is seeking a public conversation with experts and co
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