Home Finance
Following the banking crisis the mortgage market has been subject to a significant amount of scrutiny from the FSA. The FSA's Mortgage Market Review has proposed a number of changes to:
- Suitability requirements;
- Assessing affordability and responsible lending;
- Pre and post-sale disclosures;
- Mortgage arrears collections; and
- The division of responsibility between mortgage lenders and intermediaries.
In addition, the FSA has continued its thematic work in the mortgage space, concentrating on sales of mortgage payment protection insurance and on combatting mortgage fraud.
We have recently assisted a number of lenders and mortgage intermediaries deal with this increased level of regulatory scrutiny. We also provide services to niche providers of credit, including short-term bridging finance houses.
In addition to regulated mortgage contracts, our expertise extends to regulated home reversion plans, regulated home purchase plans and second charge and unsecured lending under the Consumer Credit Act.
Our all-encompassing approach assists firms with creating clarity where different regulatory regimes co-exist and results in proportionate compliance arrangements in niche lending and broking operations.