– Martin Wheatley, managing director of the FSA
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.
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.