Protection of first-time buyer mortgages offered by Treasury

30-Nov-2009

The Treasury has announced new measures that will serve to protect people taking out first-time buyer mortgages, as well as other home loans customers.

Among the proposals is that the Financial Services Authority (FSA), which has outlined fair treatment directives, will regulate mortgages sold on to third parties, as well as second-charge and buy-to-let mortgages.

Exchequer secretary Sarah McCarthy-Fry said the reform came in response to the concerns over the management of the home loans market following the economic crisis.

Commenting on the changes, Robert Sinclair, director of the Association of Mortgage Intermediaries, said they will allow borrowers, including those stepping onto the first rung of the property ladder, to compare the costs of different types of loan.

"The key for this is to provide more protection for borrowers, in terms of giving a more consistent regime that will allow things to be compared on a more level playing field," he remarked.

Meanwhile, the Council of Mortgage Lenders welcomed the extension of FSA regulation in the market, but argued that it should cover all secured lending.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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