Home owners forced to reveal spending on alcohol to get a mortgage
Photo: AP
Financial experts warned the extreme measures aimed at tackling irresponsible
mortgage lending are a step too far and will cause huge problems for
borrowers struggling to find a mortgage.
The rules, proposed by the City watchdog, would also require borrowers to
reveal how much they spend on shoes, clothes and food.
Ray Boulger, of mortgage brokers John Charcol, said: “If the FSA tightens up
on what lenders are allowed to do, people could well be pushed over the
edge. This could cause consumer detriment. Bringing in too strict rules on
affordability is going to be a real problem.”
The Financial Services Authority’s proposed restrictions on lending come
despite banks and building societies being urged to increase the number …
Read the original article at Telegraph
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