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FSA could cap mortgages

Lord Turner, chairman of the Financial Services Authority is rumored to be going to announce a cap on mortgage lending tomorrow.

Newspaper reports today suggest he will restrict how much banks and building societies can lend, knocking it down to just three times a buyers annual salary.

He is also expected to announce a ban on 100% mortgages.

The move has been met with backlash from industry commentators, with Trevor Kent, a former president of the National Association of Estate Agents calling the move “suicidal”.

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