From Stephen AtkinsI agree with the article, ‘Loans regulation predicted’ (Mortgage Strategy November 14), but the background is more complicated than described. Back in 2000 the Treasury instructed the FSA to introduce regulation for first charge mortgages but for some reason second charges were excluded. In 2005 the Hampton Report was published and suggested the FSA should assume responsibility for all Consumer Credit Act matters. Unsurprisingly the FSA said it had insufficient resources to regulate 80, 000 CCA licence holders. Impasse. Mais non, as at this point we see a different approach from the EU, detailed in two green papers on consumer credit and mortgages. The EU definition of mortgages is all loans secured on land. You may not agree with everything in the green paper but the mortgage definition makes sense. The Treasury will be consulting on all of this in 2006 and an easy solution would be to agree with the FSA’s request not to regulate CCA activity, with the exception of all loans secured on land. Or the Treasury may wait to see the introduction of European regulation of mortgages.
- Top trends
Over the past few weeks there has been yet more jostling for position in the market, with Bristol & West dropping its lifetime rate to 5.79% monthly (5.95% annual).
Yorkshire has joined forces with The Childrens Trust and The Princess Royal Trust for Carers for its annual Christmas fundraising appeal, which this year has been named Caring Together. The bringing together of two charities that work in partnership to make a difference to the lives of young carers and severely disabled children has already […]
Packager Mortgage Match has recently signed an agreement with Legal & General enabling it to offer homeowners a range of protection products to complement their mortgage. The range consists of:* Buildings and Contents insurance .* Mortgage term and decreasing term assurance.* Mortgage critical illness and decreasing critical illness cover.* Accident, Sickness and Unemployment cover.* Mortgage […]
Mortgage Trust’s latest survey reveals that 46% of landlords are not aware of the houses in multiple occupation regulations due to come into effect in April next year. Of those landlords who are aware of the licensing requirements, 44% became aware as a result of media coverage while 22% found out about the requirements through […]
Last week was Adult Learner’s Week, a celebration of lifelong learning and continued education. But why should education stop after school?
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