Compliance Training

FSA Mortgage Market Review, The FSA have proposed new reforms in the discussion paper and are suggesting that a smaller role for the specialist lenders that rely on intermediaries, The review also goes on to say that mortgage lenders and mortgage intermediaries should carry out detailed affordability assessments on all mortgage cases including calculating 'free disposable income' after outgoings. Intermediaries will still have to carry out their own affordability assessments including non-advised sales, and interest-only mortgages assessed for affordability at repayment level. The discussion paper also suggests limits on withdrawing equity from borrowers' homes and Buy to let mortgages and 2nd charge mortgages to be regulated by the FSA.

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