U.K. Regulator Calls for Ban on ‘Self-Cert’ Mortgages
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The Financial Services Authority plans to ban self-certification mortgages as the regulator moves to crack down on risky lending.
The FSA found that 46 percent of households in the U.K. had either no money left or a shortfall after mortgage payments and living costs were deducted, the FSA said in a report. The regulator, which published a consultation paper on the 1.2 trillion-pound mortgage market, may issue final rules next year.