5 Nov

FSA 'should allow easier access to mortgages'

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. ADNFCR-1222-ID-800220635-ADNFCR

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