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Loan Protection: New mortgage rules could hit UK consumers

New legislation proposed by the Financial Services Authority (FSA) could result in fewer consumers obtaining a mortgage.

The new rules would effectively ban self certification mortgages in which borrowers are not required to provide proof of income.

The FSA is determined to stop this practice and ensure lenders only give mortgages to those who can afford to pay them back.

Paul Broadhead, head of mortgage policy at the Building Societies Association, claimed the proposals could affect the self-employed who may be trapped in high-rate self-certification mortgages.

He said: "There is a risk that the FSA's proposals will prevent some credit-worthy customers getting a mortgage and create mortgage prisoners."

Mr Broadhead claimed lenders should not be given more responsibility as it reduces the choices available to consumers.

Self certification mortgages accounted for 43 per cent of all mortgages in the first three months of 2010.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800001840-ADNFCR

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