To Get a Mortgage
The Financial Services Authority has just announced the latest round of suggestions to reform the mortgage market to try and make sure that the boom and bust in the housing market of 2000-2007 doesn't hit the UK economy again.
The first round didn't go well and suggested that there were going to be no self certification mortgages (where proof of income is not required). It also suggested an end to interest only mortgages. Not allowing lenders this flexibility would have very much put major restrictions on lenders to lend, meaning less buyers would have the finance to buy now and into the future.
READ HERE for the FSA's latest suggestions
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