UK Regulator Increases Protections For Mortgage Borrowers

Law360, New York (October 25, 2012, 2:30 PM EDT) -- A British financial regulator on Thursday published a set of rule reforms it said would put “common sense” into the U.K. mortgage market and help protect mortgage borrowers from being given loans they cannot repay by unscrupulous lenders.

The rules, tightening lending standards for U.K. mortgage lenders, are the result of the Financial Services Authority’s Mortgage Market Review program, launched in 2009. Under the new rules — mostly due to come into effect in April 2014 — lenders will need to consider a potential borrower's net...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.