15
Jul
AMI 'will speak with FSA to ensure people buy houses for sale'
The Association of Mortgage Intermediaries (AMI) has announced its
plans to talk with the Financial Services Authority (FSA) over its
recently announced restrictions on mortgage lending.
After the FSA confirmed that it would be scrapping self-cert
mortgages, which allowed homebuyers to certify their finances for
loans on houses for sale themselves, the AMI warned that this could
have an influence on excluding "existing and future" mortgage
clients.
Director of the AMI Robert Sinclair said: "We are concerned that
FSA has not selected the most appropriate affordability remedies to
provide measured results. It is proposing to apply virtually all
the alternatives, with little consideration of the cumulative
impact. "
Mr Sinclair added that the costs will be "significant" for
customers.
John Charcol's Ray Boulger agreed, saying that the new regulations
are likely to "end up costing consumers more".
The AMI confirmed that it will "continue [its] dialogue" with the
FSA in an attempt to help homebuyers get on the property
market.