15 Jul

AMI 'will speak with FSA to ensure people buy houses for sale'

AMI 'will speak with FSA to ensure people buy houses for sale'

The Association of Mortgage Intermediaries (AMI) has announced its plans to talk with the Financial Services Authority (FSA) over its recently announced restrictions on mortgage lending.

After the FSA confirmed that it would be scrapping self-cert mortgages, which allowed homebuyers to certify their finances for loans on houses for sale themselves, the AMI warned that this could have an influence on excluding "existing and future" mortgage clients.

Director of the AMI Robert Sinclair said: "We are concerned that FSA has not selected the most appropriate affordability remedies to provide measured results. It is proposing to apply virtually all the alternatives, with little consideration of the cumulative impact. "

Mr Sinclair added that the costs will be "significant" for customers.

John Charcol's Ray Boulger agreed, saying that the new regulations are likely to "end up costing consumers more".

The AMI confirmed that it will "continue [its] dialogue" with the FSA in an attempt to help homebuyers get on the property market.ADNFCR-1222-ID-19892085-ADNFCR

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