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ASSETZ APPLAUDS INCREASED REGULATION OF THE MORTGAGE MARKET

29th October 2009 | back to article listings BACK    print this article PRINT

Assetz today demonstrates its support for the FSA’s Mortgage Market Review and proposals to regulate the mortgage market.

Stuart Law, Chief Executive of Assetz, comments:

“Regulation of lenders to ensure mortgage affordability, the removal of simple self certification mortgages without adequate proof of income and outgoings and regulation of buy to let mortgages will all improve the stability of the UK housing market.

"We have seen measurements of affordability work increasingly well in the mortgage approval process in many parts of Europe. France is the ultimate shining example of affordability measures being embedded into the mortgage approval system, thus giving stability to the nation's property market. Their strict rules on mortgage borrowing costs being a limited percentage of a person’s income have served that market well with few wobbles following the credit crunch.

“Yet, regulation has not held back the French market. This is a testament to the quality of the borrowers who own property in the country, a situation enforced by French lenders under strict controls.

“This type of mortgage regulation is likely to reduce the amount of speculation in the UK property investment market and increase the relative proportion of true property investors taking part which can only bring greater levels of stability. The days of buying property with no deposit and with no substance behind the investor are gone for certain for the foreseeable future, and that has to be a good thing.

“We continue to appeal to the Government and the FSA to consider full regulation of property investment as a whole."

-ENDS-


This is a press release by Assetz also available at http://press.assetz.co.uk/articles/5024.html. Alternatively, please see our full press release archive.

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