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FSA outlines mortgage proposals
Wed, 14 Jul 2010
The Financial Services Authority (FSA) has outlined proposals to ensure all mortgages are carefully assessed to make sure borrowers can afford them.

The proposed changes, which reflect the FSA's enhanced consumer protection strategy, are designed to ensure all lenders get back to the basics of responsible lending .

Indeed, the FSA hopes that by implementing the proposed changes, problems are prevented before they can develop or get out of control.

To this aim, the authority has proposed introducing affordability tests for all mortgages and making lenders ultimately responsible for assessing a consumer's ability to pay, as well as requiring verification of borrowers' income in every case.

Lesley Titcomb, the FSA director responsible for the mortgage market, commented: "There is a clear link between financial overstretch and mortgage arrears and repossessions and we are determined to protect vulnerable consumers by making sure that everyone who takes on a mortgage can afford to pay it back."

Formed in 2001, the FSA is an independent non-governmental, quasi-judicial body.

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