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Mortgage industry hits back at FSA

The Council of Mortgage Lenders (CML) has today hit back at new mortgage regulations proposed by the Financial Services Authority (FSA). The CML believes that around half of mortgage arrangements approved between 2005 and 2009 would not have happened under the proposed new regulations even though the vast majority of the people in question have had no difficulty keeping up with their mortgage repayments.

While there is no doubt that the FSA is purely and simply reacting to concerns that the UK property market was overstretch prior to the credit crunch, there is a feeling that perhaps the FSA is "throwing out the baby with the bathwater". The mortgage industry is a major element of the UK economy and without a liquid mortgage market there is no way that the UK property sector can continue to grow. This then puts pressure on the rental market which pushes prices higher and higher and widens the gap between affordable housing and the average cost of a property in the UK.

Unless the authorities and the industry can come to some kind of compromise there is every chance that first-time buyers in the UK could be effectively barred from the market for some time to come.

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