19 Dec

More stringent mortgage proposals revealed

More stringent mortgage proposals revealed

The Financial Standards Authority (FSA) has announced proposals for more stringent rules regarding mortgage lending which could mean people looking to buy property for sale in Brixham end up facing more checks before being approved.

Recently, the Council of Mortgage Lenders announced that it is now more affordable to have a mortgage than it has been for the last eight years, a trend which is hoped to continue under new rules, which will come into play in 2013.

The rules will be designed to avoid a repeat of the risky lending from the past, when people were given mortgages that they could only realistically afford if house prices kept going up, which left many with a shortfall.

It is hoped, says the FSA, that more responsible lending can boost the market.

Lord Turner, chairman of the FSA, said: "We believe that these are common sense proposals which serve the interests of both lenders and borrowers. "ADNFCR-1222-ID-801243394-ADNFCR

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