U.K. Watchdog Softens Mortgage Rules for Existing Borrowers
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Banks won’t have to apply tougher mortgage rules to existing customers after the U.K. financial watchdog softened proposals designed to rein in risky lending practices.
Lenders may “waive some of the proposed affordability requirements for existing borrowers,” the U.K. Financial Services Authority said in a review of mortgage regulations published today. The FSA is seeking views on the rules, which would ban issuance of any new self-certified mortgages.