The FCA has begun a public conversation to explore potential changes in the mortgage market, aiming to make home ownership more accessible, particularly for first-time buyers and those on variable incomes. The discussion paper highlights the need for flexibility in mortgage rules, allowing lenders to provide tailored products that meet diverse customer needs. David Geale emphasized the FCA's goal to adapt regulations to facilitate sustainable home ownership. This initiative is crucial for fostering economic growth and supporting underserved groups in the housing market, as statistics indicate a significant trend towards longer borrowing terms among first-time buyers.
The Financial Conduct Authority (FCA) has released a discussion paper outlining the potential benefits and risks of rule changes, aiming to support wider access to sustainable home ownership.
David Geale, executive director for payments and digital finance at the FCA, affirmed the regulator's ambition, stating: "We want to evolve our mortgage rules to help more people access sustainable home ownership."
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