Monkey's in the FSA
I don't know, but the FSA is clearly full of them!
They've proposed putting limitations on lending to three times your income. Utterly ridiculous and clearly no-one has any idea over there.
The UK economy and FSA
Firstly they are supposed to be a preemptive agency yet everything they have done is reactionary, it's like the pilot of a crashed aircraft yelling pull up! After the plane has already crashed.
Secondly, the government says it wants to support first time buyers yet this will only serve to stop them from getting onto the ladder and mean they'll be waiting even longer. Idiots!
Thirdly, so what if I want to be more responsible and put a larger part of my income on a mortgage. I don't smoke, rarely drink yet I am being dictated by some baboon who probably earns £100,000 a year to publish a couple of graphs every few of months.
Fourthly, and most importantly for all of us that own property, it will stop us from remortgaging until our income increases dramatically especially if we remortgaged in the past 4 or 5 years. Moreover your current funder, knowing that you cannot remortgage will just offer you any terrible rate they can think of. (I may be slightly exaggerating this point but you get my drift).
Maybe someone should stop eating so many bananas and start taking this recession seriously at the FSA.
If you're not sure how this will affect you then give the team a call on +44 (0)207 923 6100 and they'll be happy to work your numbers and give you a bit of clarity how it will affect you.
Live with monkeys,