![]() The watchdog has previously attracted criticism for being slow to authorise new businesses.īorrowers can normally choose to transfer to a new product with their current lender when remortgaging without having to undergo any further box-ticking.īut banks will now have to assess existing customers if they believe rising interest rates are “material” to their affordability in times of financial turmoil, such as that seen in the wake of the mini-Budget. The new affordability checks put the Financial Conduct Authority further at odds with the Treasury, which wants to reduce bureaucracy in the financial sector. As a result, 3.75 million families will be forced to pay a collective £8bn extra in the coming years when they come to remortgage at higher rates, the Resolution Foundation said.Īround 1.6 million homeowners will see an average annual increase of £2,300 in their mortgage bills over the next 12 months. ![]()
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