FSA lending rules 'risk shutting out house buyers' - Mortgages, Money - The Independent
New rules to clamp down on irresponsible mortgage lending risk shutting thousands of buyers out of the property market and deepening house price falls, the housing minister warned today.
Grant Shapps said lending reforms being put forward by City watchdog the Financial Services Authority must not be so severe that they exacerbate an already difficult situation for potential buyers, according to the Financial Times newspaper.
He plans to use a meeting with FSA head Hector Sants next week to call on the regulator to rethink its proposals.
The new rules include tough affordability and income verification checks, while lenders would also have to make sure people with interest-only mortgages had a way of repaying their loan at the end of its term.
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