Posts Tagged ‘Financial Services Authority’


FSA plans could impact on property market

Thursday, September 23rd, 2010

The UK’s financial regulator, the Financial Services Authority, has found itself at the centre of a scathing attack by the Council of Mortgage Lenders recently over its plans to try and restrict mortgage lending in order to cut risks and reduce irresponsible lending.

The FSA has stated that it has plans to bring a number of measures in to restrict mortgage lending in the UK and cut out high risk loans, and this includes scrapping interest only mortgages, capping the amount that consumers can borrow, and slowing down applications.

The Council of Mortgage Lenders has slated the FSA for its plans, stating that these measures could have a serious impact on consumers and house prices. The CML said that many people would lose their dreams of homeownership as a result of the measures, and property prices could be driven down.

The CML said that consumers were right to be concerned about the plans from the FSA, as they could have a serious impact on the housing market as a whole, and could leave many of those hoping to get onto the property ladder out in the cold. The group also said that the FSA had admitted that these plans would probably lead to property values in the UK falling.

Michael Coogan from the Council of Mortgage Lenders said: “This is just one of a number of unintended consequences of the FSA’s well-meaning but misguided proposals that the CML believes the UK’s existing 11 million mortgage borrowers have every right to be concerned about.”

The FSA said: “We are keen to ensure that people who can afford a mortgage can get one, and also to protect vulnerable consumers by making sure that anyone who does take on a mortgage can afford to pay it back.”

Tags: Mortgage loan, mortgage, council of mortgage lenders, Financial Services Authority

BBA says mortgage lending still subdued

Friday, July 30th, 2010

A recent report from the British Banker’s Association has shown that mortgage lending levels for the month of February remained subdued. In its report the BBA stated that the UK’s big banks approved 35,275 mortgages for the month of February, which was not much higher than 35,154 seen in January. (more…)

Tags: mortgage, Personal finance, finance, Banking, Financial Services Authority, British Bankers Association

Mortgage broker banned by FSA

Wednesday, March 17th, 2010

It has been reported that the UK’s financial services regulator, the Financial Services Authority, has banned a mortgage broker. The ban was imposed because the broker allegedly failed to prevent mortgage fraud. (more…)

Tags: mortgage, Financial Services Authority, mortgage fraud, mortgage broker

Five year tenancies to be given with sale and rent back schemes

Friday, February 19th, 2010

Over recent years there has been a lot of concern over sale and rent back schemes, and this is where a company buys a person’s property for a percentage of the market value and then rents it back to them. (more…)

Tags: real estate, Real property law, Leasehold estate, Loss mitigation, property

FSA proposes new rules for those in mortgage arrears

Thursday, February 18th, 2010

Over the past couple of years, with the credit crunch, recession, and pay freezes affecting so many households, a rising number of homeowners have fallen behind with repayments on their mortgages, and for many this has resulted in the loss of their homes through repossession. (more…)

Tags: mortgage, Economics, Economy of the United Kingdom, repossession, Financial Services Authority, finance

Experts give opinions on FSA mortgage lending regulation changes

Tuesday, December 15th, 2009

The mortgage markets have been turbulent to say the least over the past couple of years, and many of the problems that have almost brought the financial sector to its knees have been blamed on irresponsible mortgage lenders over the past decade, where high income multiples, extended repayment periods, lending to those with bad credit, jumbo mortgages, and high risk lending was all part and parcel of the mortgage lending sector. (more…)

Tags: Financial Services Authority, British Bankers Association, Personal finance, Citizen's Advice Bureau, finance, mortgage, Economy of the United Kingdom

Ban on self cert mortgages will not cut off everyone with an irregular income

Friday, December 11th, 2009

Since the UK’s financial regulator the Financial Services Authority announced plans to ban self certification mortgages in their current form there has been a lot of controversy.

(more…)

Tags: Financial Services Authority, self certificate mortgages, finance, contract worker, council of mortgage lenders

Fake Payslips Beig Bought Online For Mortgage Fraud

Wednesday, December 2nd, 2009

Following an investigation by the Observer newspaper it has been revealed just how quick and easy it is for criminals to purchase fake payslips via the Internet and then go on to commit mortgage fraud. (more…)

Tags: Financial Services Authority, Dominic Green, fake payslips, bank accounts, mortgage

FSA accused of treating lenders like drug dealers

Tuesday, December 1st, 2009

The UK’s financial regulator, the Financial Services Authority, has been accused by the banking industry of treating both banks and building societies like ‘drug dealers at the school gates’. (more…)

Tags: council of mortgage lenders, Banking, Matthew Wyles, Financial Services Authority, mortgage

FSA voices concerns over recklessness of some lenders

Monday, November 30th, 2009

The UK’s financial regulator, the Financial Services Authority, has commented on the extent of the recklessness of some of the UK’s lenders. (more…)

Tags: Offset mortgage, Jon Pain, council of mortgage lenders, Matthew Wyles, Financial Services Authority, mortgage

Regulator continues to crack down on mortgage fraud

Tuesday, June 23rd, 2009

Since the onset of the global credit crunch in 2007 mortgage related fraud has become increasingly prevalent in the UK, as well as in other countries such as the United States. (more…)

Tags: council of mortgage lenders, Financial Services Authority, mortgage fraud, mortgages

Increase of two thirds in home repossessions

Friday, April 10th, 2009

Figures from the Financial Services Authority have shown that over the course of 2008 the level of home repossessions increased by around two thirds, as an increasing number of homeowners struggled to keep up with their mortgage repayments in the difficult financial climate. (more…)

Tags: Financial Services Authority, council of mortgage lenders, repossessions

Last year saw mortgage arrears rise by over 30 percent

Sunday, April 5th, 2009

Recently released information has shown that over the course of 2008 the level of mortgage arrears in the UK increased by over 30 percent, as more and more homeowners struggled to keep on top of repayments in the increasingly difficult financial climate. (more…)

Tags: Financial Services Authority, mortgage arrears, mortgages

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