FSA to ban fast-track and self-certified mortgages

 

FSA proposals to always check borrowers' income will slow mortgage applications – but aim to reduce repayment problems

 

 

Mortgage borrowers will find it takes longer to process their application and the self-employed could struggle to get a loan if proposals announced today by the Financial Services Authority are implemented.

 

The regulator has published a consultation paper which proposes requiring verification of borrower's income in every case to prevent over-inflation of income and mortgage fraud.

 

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