Mis-sold Mortgage Claims > Mortgage News
Mortgage Market Review is Welcome
Mon, 19 Dec 2011
The Financial Services Authority's Mortgage Market Review has been welcomed by the mortgage industry .

The Council of Mortgage Lenders stated the FSA has listened to the views of many people throughout the industry relating to the original MMR. The new proposals are thought to be more workable and more appropriate.

The leader of the Council of Mortgage Lenders stated that: "Lending needs to be responsible and done in a way which protects consumers. Rules need to be practical and avoid unintended consequences."

The Building Societies Association stated that these proposals appear to represent a change in policy by the FSA.

The mortgage sector does not wish for a regime which permits lax lending practices.

Given the levels of mortgage fraud, the proposals are good news for the mortgage sector, as well as the self-employed, those with existing self certified mortgages and those with negative equity.

The new regulations are considered to have struck a good balance between giving lenders flexibility when it comes to assessing affordability, whilst maintaining a good level of consumer protection.
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