Thursday, 15, Jul 2010 10:00
The introduction of new regulations to encourage responsible lending among mortgage providers is ill-timed, according to a leading industry body.
Responding to a consultation paper on the changes released by the Financial Services Authority (FSA), the Association of Mortgage Intermediaries (AMI) said it was concerned about the cumulative impact of the new rules.
AMI director Robert Sinclair explained: "Our main concern remains the timing of these changes and the further risk that we will make many families either property or mortgage prisoners.
"We are also concerned that we are seeing piece-meal introduction of the proposals with aspects such as transitional arrangements not yet ready for consultation."
The new proposals form part of a major review of the mortgage industry by the FSA, which is keen to impose affordability tests introduced for all mortgages to make the lender responsible for assessing a customer's ability to pay.
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