The Financial Behavior Authority (FCA) has launched a consultation aimed at simplifying mortgage loans, in order to make it easier, faster and more profitable for borrowers to administer their home loans.
The regulator wants to offer consumers a greater option by introducing greater flexibility in how they interact with mortgage suppliers.
Changes would also simplify consumers to reduce the term of their mortar, potentially yearning for total long -term loans.
In addition, the FCA intends to improve access to more affordable mortgage products when customers break down, helping homes to administer the most effective costs.
The FCA will accept comments until June 4, and then plan to publish a policy statement in the third quarter of this year,
Emad Aladhal, director of Retail Banking at the FCA, said: “Our strategy aims to deepen trust and rebalance the risk of supporting growth and improving lives.
“That is why, with the duty of the consumer now in its place for the highest standards, we want it to be easy, faster and more cheaper than the borrowers access and make their mortar.”
Charles Roe, mortgage director in the United Kingdom, commented: “We appreciate the FCA consultation to review some of its existing mortgages rules and eliminate obsolete guidance.
“The proposals should be beneficial for those who seek to be downfall or reduce their mortgage team.
“The changes will help to boost the government’s growth agenda in a way that benefits our members and their mortgage clients.”
