Mortgages

(asked on 26th March 2019) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the development of the cost benefit analysis used to assess the potential impact of the its proposals in Mortgage customers: proposed changes to responsible lending rules and guidance CP19/14 published on 26 March 2019.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 1st April 2019

HM Treasury welcome the FCA’s announcement that it intends to change its mortgage lending rules to move to a relative affordability assessment for customers seeking to switch to a cheaper mortgage without borrowing more. We have worked closely with the FCA in the lead up to the publication of their Consultation Paper.

The Economic Secretary and Andrew Bailey, the FCA’s Chief Executive, wrote to the Treasury Select Committee in response to questioning on who might be helped by the FCA’s proposed changes.

Copies of these letters can be found here:

https://www.parliament.uk/documents/commons-committees/treasury/Correspondence/2017-19/EST-to-Chair-re-mortgage-prisoners-300119.pdf

https://www.parliament.uk/documents/commons-committees/treasury/Correspondence/2017-19/Chief-Exec-of-FCA-to-Chair-re-mortgage-prisoners-150219.pdf

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