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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.


Principia links with charity

Broker Principia Mortgages is partnering with HIV and AIDS charity Crusaid, donating 10% of all business generated from the marketing of the partnership to the charity. The partnership with Principia, which specialises in offering financial advise to gay people, is Crusaid’s first. The aim of the venture is to raise money for Crusaid while promoting […]

HMO-friendly criteria from CHL

CHL Mortgages has unveiled new lending criteria for houses of multiple occupancy. The buy-to-let specialist now has what it believes to be the most HMO-friendly lending rules of any UK lender.

FSA should crack down on jollies

The regulator’s rules on inducements are not prescriptive but it should crack down on examples of poor practice before World Cup overspend kicks in, says Simon Burgess

Accord is latest lender on MTE

The lender will now accept electronic agreements in principle and full applications via the MTE. Iain Smith, sales director at Accord, says: “Brokers tell us they don’t want to be restricted to only doing business with us via our website so we are delighted to be joining the MTE.” Introducers submit over 25,000 mortgage transactions […]


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