"The proposals will see prospective borrowers - whether they are first-time buyers, right-to-buy tenants or home movers - get the right information and advice, at the right time, and ensure mortgage lenders will be properly checking each applicant's realistic ability to repay their mortgage," the FSA said.
Specifically, when lenders assess a mortgage application, they will have to:
- assume interest rates may rise from their current low levels.
- not let borrowers rely on the possibility of rising house prices to claim they can eventually repay.
- assess interest-only mortgages as repayment ones, unless there is a "believable" source of money to pay off the loan.
Under the proposed new rules, interest-only mortgages can still be offered if there is a "credible" plan to repay the loan, which does not involve a borrower assuming he or she can eventually cash in on the rising value of their home.
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