I have just read the article on Mortgage Strategy Online stating that the Citizens Advice and Shelter are backing the FSA’s mortgage lending proposals.
I can’t wait until a member of staff from a CAB walks into my office looking for a mortgage and I tell them they can’t get it because the FSA deems it unaffordable.
“Sorry sir but the £600 per month mortgage is not affordable so you will still have to pay rent at £600 per month and have no stability and lack the potential for a great long-term investment,” is what I would have to say.
CAB advisers are jack of all trades and masters of none. Of course we don’t want irresponsible lending but don’t back a campaign that prohibits sensible lending.
We know the horror stories but those days have gone. I suspect that CAB has just been asked whether it wants the FSA to stop irresponsible lending as laid out in the MMR and it has just stuck its name behind it.
The FSA must be getting desperate for support.
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