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Imla warns against raising mortgage prisoner expectations

The Intermediary Mortgage Lender’s Association has cautioned that proposals regarding changes to lending rules may not go as far as some people hope.

In its response to the FCA’s consultation paper on affordability assessment rule changes designed to help people trapped in a mortgage deal, the body says that the planned changes would not “adequately identify” the characteristics of these borrowers.

It adds that the planned changes would only benefit a small amount of those currently trapped.

This, plus the months-long time lag between lenders approving, testing and finally releasing new systems, Imla says, would disadvantage many borrowers.

Imla executive director Kate Davies puts forward the idea that the government should look at alternative measures, “including advanced legislation that was abandoned in 2013, to improve protections for those who remain unable to switch to a cheaper, more suitable mortgage deal.”

Said legislation was originally published in a 2009 Treasury Consultation paper and recommended that companies that interacted with mortgage holders were regulated by the FSA.

Ways of protecting those unable to switch, Imla adds in its response, should include the scrutinising of loan book sales and a broadening of the regulatory perimeter to include entities that acquire loan books.


Three-year high in successful mortgage applications: Imla

The proportion of mortgage applications which progressed to an offer reached a three-year high in the first quarter of 2019, figures from the Intermediary Mortgage Lenders Association reveal. Brokers were able to help 89 per cent of applicants to attain a firm mortgage offer in the first three months of this year, the latest Mortgage […]

Mortgage spreads “cannot go much lower”: Imla

Changes in capital requirements for lenders may lead to mortgage spreads widening in the next quarter, according to the Intermediary Mortgage Lenders Association. The comment from executive director Kate Davies follows the publication of the Bank of England’s quarterly survey of credit conditions for UK banks and building societies. The report reveals that secured credit […]

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TMA launches new digital tool

TMA Club has announced the launch of its ‘customer retention KIT’. KIT, which stands for keeping in touch, offers TMA members a number of resources in regard to mortgages, including letter templates, tips of social media, branding support, suppliers, links, statistics, and infographics, according to the firm. The digital tool can also be used for […]


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