Stop the FSA before it kills off any hope of market recovery
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The FSA has ruled that mortgage affordability must be assessed by lenders on a capital repayment basis, even where the mortgage is interest-only.
This is a dangerous approach towards a delicate market. There’s no question that some bad things have happened but what about consumer responsibility? Surely it’s obvious that if you spend more than you earn or borrow too much you will not be able to pay it back.
These proposals go too far. They will not protect anyone and are likely to destroy any chance of a housing market recovery.
They discriminate again those of us who are getting close to retirement age and do nothing to deal with the unsecured end of the market where the most toxic problems lie.
Stop this now before the market is damaged further.
TREVOR QUINN-THOMAS
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