New proposals could lead people to find flats to rent in the London borough of Camden
There may be a rise in the number of people looking for flats to rent in the London borough of Camden after one expert warned new proposals from the Financial Services Authority (FSA) could result in the end of interest-only mortgages.
Revised regulations are not necessary at this time, as "mortgage lenders are so cautious at the moment anyway and have already tightened their own lending criteria", argued Paula John, editor-in-chief at Your Mortgage.
She added the recovery of the market is not foreseeable for several years.
Ms John observed the FSA proposals are designed to bring about a return to prudent lending, with interest-free loans only made accessible to those who can pass robust affordability tests.
Earlier this year, the FSA announced measures it is bringing in to regulate the ease with which an individual can access all mortgages.
This included a requirement in every case for the borrower's income to be verified to stop mortgage fraud and prevent individuals from exaggerating their salary.
Martyn Glynn
Published 14th October, 2010
© 2010 Estates IT Limited
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Proposals from the Financial Services Authority could see an end to interest-only mortgages, one expert has noted.