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Tougher rules on mortgages

Tougher mortgage rules to make sure borrowers can only take out deals they can afford have been outlined by the financial services regulator. The shake-up, which comes into force in April 2014, is the result of a long-running review by the FSA.

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FSA wants 'common sense' on mortgage overhaul

We recognise that many lenders are now using a far more sensible set of lending criteria than before, but it is important that these common sense principles are hard-wired into the system to protect borrowers.

We want borrowers to feel confident that poor practices of the past, which led to hardship and anxiety, are not repeated.

– Martin Wheatley, managing director of the FSA

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