BSA responds to FCA Mortgage Market Study report
The BSA welcomes FCA Mortgage Market Study report, which was published today.
Paul Broadhead, Head of Mortgages & Housing comments:
“It is positive to see FCA recognise that the mortgage market broadly works well although one sentiment that has been addressed is the perceived idea that the cheapest mortgage equals the best mortgage - this is not always the case.
“We recommend that borrowers seek advice before taking out a mortgage to ensure they get the best deal for their individual circumstances, not simply the cheapest product.
“While the proposed new affordability test is a positive step, there will be some borrowers that will not be in a position to switch mortgages. In order to ensure that these customers are treated fairly it is vital that the government ensures there are adequate consumer protections in place.
“The BSA will continue to work closely with FCA to make improvements to the mortgage market as customers’ demands and needs continue to evolve.”
