FCA chief angry with banks over MMR

FCA chief Martin Wheatley is angry with Britain’s banks for their ‘disappointing’ interpretation of the new MMR rules. The Mortgage Market Review was designed by the Financial Conduct Authority to curb risky lending and force banks to make more stringent affordability checks before offering a loan.

MPs warn Help To Buy creates ‘risks’ for the tax payer

MPs looking at the government’s flagship Help To Buy scheme have warned it is creating risks for the taxpayer and may not even be value for money. The Public Accounts Committee claims the portfolio of loans created by the scheme will create ‘a heavy administrative burden.’

Lenders say new mortgage cap won’t be used right away

Britain’s mortgage lenders believe the new mortgage cap introduced by Chancellor George Osborne will not be deployed right away to cool an overheating housing market. The Council for Mortgage Lenders (CML) say there is a big difference between the Chancellor giving the Bank Of England the power to cap mortgages and the bank actually using …

Home owners brace for interest rate rise

Home owners across the UK are bracing themselves after Bank Of England governor Mark Carney announced interest rates are likely to rise sooner rather than later. The rise will spark the first hike in monthly mortgage payments in seven years and will be linked to the introduction of a cap on mortgage lending.

‘Stop this housing boom’ – Cable

Action must be taken to ‘stop this housing boom’ says Business Secretary Vince Cable. But his outspoken comments risk angering Chancellor George Osborne who has spent much time recently playing down the threat of a boom.

Are house prices moderating?

New figures from Nationwide show house prices continuing to rise, but is the rate of increase starting to moderate? Prices rose by 0.7% in May compared with a 1.2% rise in April, but the annual rise is still edging higher – up to 11.1% from 10.9%.