5
Nov
FSA 'should allow easier access to mortgages'
The Council of Mortgage Lenders (CML) has said that the Financial
Services Authority (FSA) should support the property market and
make it easier for people to access finance to purchase houses for
sale in the UK.
New research has been released by consultancy Oxera, which, the CML
says, should encourage the FSA to change their current
proposals.
A spokesperson for the group said that if the FSA does not, there
will be negative consequences.
The CML's Michael Coogan stated that the FSA needs to stabilise the
mortgage market for the 21st century.
He recommended: "Allowing free access to the market to responsible
borrowers, but establishing an effective safety net for the few who
have difficulties due to changes in their lives."
This, Mr Coogan stated, will protect the vulnerable minority of
borrowers and enable the majority "to achieve their
aspirations".
Earlier this week, the Building Societies Association revealed
encouraging figures for people planning on buying houses for sale
in the UK.
It reported that gross mortgage lending reached £2.2 billion
in September 2010, rising ten per cent from the previous
month. 