The Council of Mortgage Lenders (CML) has stressed that the mortgage industry recognises the inevitability of regulatory change.
However, in response to the FSA's consultation paper on responsible lending, the CML says that there may be unwelcome side-effects for consumers from reform.
The FSA has proposed to require borrowers' incomes to be verified in all cases, as well as requiring mortgage affordability to be assessed on a capital repayment basis.
In addition, the FSA has proposed a "prescriptive approach" to assessing the applicant's available income to support the mortgage application .
In response to the FSA, CML director general Michael Coogan remarked: "There will always be a regulatory trade-off between protecting consumers from over-borrowing, and increasing the barriers to home-ownership.
"The mortgage market for the time being has already corrected, to a degree that the main consumer concern right now is about access to finance, not about risky lending ."
The CML is an industry body which represents mortgage lenders in the UK.
CML responds to FSA mortgage lending proposals
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CML responds to FSA mortgage lending proposals
Tue, 13 Jul 2010
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