19 Oct

FSA announces new mortgage proposals

FSA announces new mortgage proposals

The Financial Services Authority (FSA) has announced changes to the mortgage market which may make it easier for people looking for property for sale in Southampton.

It is hoped that the proposals will reflect the FSA's vision of a more intrusive style of regulation and all mortgage advisors will now be personally accountable to the organisation.

Jon Pain, managing director of supervision at the FSA, said that over the last 18 months, there has been an "extraordinary upheaval" in the mortgage market.

As a result of this, "we recognise that we need to bring about a step change in regulation and we need to act now to address the issues we have identified", he continued.

Self-cert mortgages will also be banned through required verification of borrowers' income as part of the changes.

In related news, Peter O'Donovan, head of mortgages at independent financial adviser Bestinvest, recently claimed that mortgage lenders are beginning to relax and approvals are on their way up.ADNFCR-1222-ID-19415767-ADNFCR

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