Q&A: Will you be hit by mortgage lending crackdown? | Mail Online
The Financial Services Authority has unveiled its wide-ranging shake-up of the mortgage market, calling for tougher restrictions on how home loans are approved to prevent a return to irresponsible lending.
We take a look at the financial watchdog's tough new proposals and explain how they can affect you.
Why are watchdogs reviewing lending?
In 2009, the Financial Services Authority announced that it would undertake a review of the mortgage market in the wake of the global financial crisis. The watchdog was concerned about a culture of irresponsible mortgage lending at the height of the housing boom which saw people being granted mortgages up to seven times their income.
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