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UK FSA to cap mortgage borrowing

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  • 17-03-2009 11:31am
    #1
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭


    From www.thepropertypin.com :

    http://www.thepropertypin.com/viewtopic.php?f=11&t=19810&start=0

    Also:

    http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/4995778/FSA-to-cap-mortgage-borrowing.html

    Lord Turner, chairman of the Financial Services Authority, will also declare a ban on 100 per cent mortgages Photo: JULIAN SIMMONDS
    As part of a wide-ranging package of announcements for banking regulation following the near-collapse of the financial system, Lord Turner, chairman of the Financial Services Authority, will also declare a ban on 100 per cent mortgages.

    In all but the most exceptional circumstances, it will become "normal practice" again for loans to limited to a maximum of three times the borrower's salary.

    And as part of their deal, prospective home owners will have to provide a deposit of at least 5 per cent - with many banks and building societies expected to ask for even larger amounts.

    Worth bearing in mind if you're looking around for a house. Remember - what happens in the UK inevitably happens here. It might not be a bad thing.


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