Warning over creditaffordability rules
More than half of all mortgages taken out during the past four years would have been barred if proposed new lending regulations had been in force, a trade body warned.
The Council of Mortgage Lenders said 3.8 million credit-worthy borrowers would have been unable to get a mortgage between the second quarter of 2005 and the first quarter of 2009 if the Financial Services Authority’s affordability rules had been in place.