UK regulator to dilute mortgage lending rules

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The Financial Watchdog in the UK has announced plans to reduce its rules with mortgage nding so that people make it faster and cheaper to get home loans, although consumer groups warn the risk of incorrect sale.

British ND will be released from performing full affordable evaluation while providing or providing formal advice to the donors Mortgage For many customers, Wednesday is under the plan described by the Financial Conduct Authority.

“We want to make it easier, faster and cheaper to change the orrow enclosure of the Orrowists,” said Emad Aldal, director of the FCA retail banking.

Regulator D This will only scrap the guidelines for the ND workers about the support of the interests of the customers and what supports the interest rates of the customers. It says they have achieved their goals and are not giving much benefit.

The plans that will remove the rules designed to prevent the financial crisis of the future are part of the FCA’s response to the call of regulators to focus on promoting the economic growth of Prime Minister Sir Care Starmer.

“These proposals may allow the innovation and development of their own methods to provide greater opportunities to the ND donors, and to empower the orrow boobs to empower the owners to do the right choices for their mortgage,” Aladal said.

Banks welcomed the announcement. Charles Row, the mortgage director of the UK’s Finance Trade Organization, said, “The proposals should be proven useful for their mortgage.” “These changes will help us drive the government growth agenda in the benefit of our members and their mortgage customers.”

However, there is fear that the regulator is reducing consumer protection. “Consumer Group Fair Finance chief James Deli said,” After these rules, the FCA should look very carefully so that they do not return to the wrong sales age or make sure that they do not catalyz in the new age of purchase. “

Under the proposals, NDists will be allowed to evaluate a customer at a lower price of remortage at a lower price than their existing NDD.

Last year, 5 percent of the people who were with their existing NDD, and the FCA said that they would mortgage from any other supplier “spending several obstacles or transactions in both times and money.”

When customers are reducing their mortgage, end -holders will be relieved of their completely affordable evaluation. The FCA says that last year, 5 percent of the new mortgages were expanded beyond 67 67 and reduce this term will reduce the risk of payment of AY.

The regulator says that it makes it easier for customers to arrange a mortgage without the formal process of getting a controlled advice, which includes a NDD -repository checking whether any home loan is suitable.

In the last two decades, 97 percent of the new mortgage customers have received controlled advice from their NDD. In response to the financial crisis of 20, it has grown more than 70 percent before the FCA launches the strict requirements in 20 years.

The FCA says that the rule of 20 restricted “for the consultation of customers for” for the consultation of customers “when they knew that they knew the specific home loan and was confident of not needing additional protection to evaluate.

Its rules will not vary for high -risk customers, such as integrating Debt, their home, shared equity system or a statutory “right to buy” in lifetime mortgages.

The regulator says that since the introduction of consumer duty rules two years ago, it was able to reduce some requirements so that customers needed companies to ensure good results. However, it says that it has a risk of proposals that people are “more likely to choose an inappropriate or more expensive product”.

Companies are up to June 4 to respond to the suggestion.