JEREZ 2006: Affordability not going well warns FSA

Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the FSA, says it is set to look at the issue of affordability, but already gets the impression that it is not going well.

He says: One of our key points that we will be looking at is affordability. We already get the impression that it is not going well, and there needs to be a lot of work done.

Lord says that many brokers do not properly advise on the right affordability for a persons income, their expenditure, and their overall suitability.