Mortgage Market Review Roadshow comes to Leeds
16 January 2013
The Financial Services Authority (FSA) will present to businesses in Leeds wide-reaching changes to the way the mortgage market is regulated this week (17th January).
Business advisory firm Deloitte is encouraging professionals involved in mortgage lending to attend the FSA roadshow to hear how the changes will affect them.
The new rules, which come into force next year, are known as the Mortgage Market Review and will lead to a number of changes that will affect mortgage lending, including:
- customers will need to satisfy lenders that they can afford the mortgage - and must provide evidence of income in all cases;
- customers can borrow an interest-only mortgage only as long as there is a credible repayment strategy;
- most interactive sales (for example face-to-face and telephone) must be advised, unless the customer is a mortgage professional, a high net worth mortgage customer or a business borrower.
Thursday’s event is aimed mainly at intermediaries in the mortgage market, with a second roadshow for lenders due to be held in Bradford on Wednesday 27th February.
Steve Williams, head of Financial Services at Deloitte in Leeds said: “The Mortgage Market Review will lead to a number of far-reaching changes, that will affect revenue streams and prove costly for some firms, so they should take this opportunity to hear directly from the FSA how the changes will be implemented and enforced and take the chance to raise any specific issues concerning them.
“Most firms have been considering the impact of the proposals and reviewing their business models for some time, but staff need to sit exams to obtain the qualifications needed to provide advice, now is the time for businesses to begin implementing changes before the rules come into force next year.”
Details of the event can be found here: http://www.fsa.gov.uk/doing/events/mmrr-intermediaries
Notes to Editors
In this press release references to Deloitte are references to Deloitte LLP, one of the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.