19
Dec
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. "