Property Investment News – minister issues warning on mortgage shake-up

Property Investment News - Minister issues warning on mortgage shake-up

The Independent - 12 Jan 2011 - By Nicky Burridge, PA

The Housing Minister will today step up the pressure on the City watchdog not to impose tough new mortgage rules which could make it harder for first-time buyers to buy property in the UK.

Grant Shapps is due to meet the head of the Financial Services Authority, Hector Sants, for an update on the regulator's controversial mortgage market review.

The proposed new rules are causing concern among lenders, housebuilders and first-time buyers as it is feared they could make it even more difficult for people to get a mortgage if they are implemented in their current form.

Mr Shapps will use the meeting to renew his call for a more stable housing market, without the booms and busts seen in the past, so that young people who want to buy their own home are able to do so. Read the rest of this article...