FSA Annouce mortgage affordability test plan

The FSA, in its mortgage market review, today outlined a series of proposals for increasing regulation in the mortgage market including mortgage affordability tests.

Borrowers face a Mortgage affordability test from lenders amid plans by the Financial Services Authority (FSA) to step up the regulation of home loans.

Self-certification mortgages will be banned under the proposals with lenders required to verify borrowers' incomes.

Read More at http://news.bbc.co.uk/1/hi/business/8313853.stm

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