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AMI voices support for affordable mortgage lending measures
Wed, 14 Jul 2010
In response to the Financial Services Authority's (FSA's) consultation paper on responsible lending, the Association of Mortgage Intermediaries (AMI) has voiced its support for measures designed to ensure lending is affordable.

The AMI, however, has warned the regulator about the "unintended cumulative consequences" of these reforms.

Indeed, the AMI is worried that mortgage borrowers could be unnecessarily excluded from access to finance and face much higher costs.

Robert Sinclair, director of the AMI, added: "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.

"In not yet seeing the distribution elements we cannot judge if in making these proposals the FSA risks favouring particular channels."

Meanwhile, Skipton Building Society recently expanded its mortgage range with a two-year fixed-rate product at just 2.99 per cent.

The Limited Edition 2-Year Fix, which was launched on Monday (July 12th), is available at up to 60 per cent loan-to-value .

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