Mortgages

Three-quarters of Kent Reliance Building Society members have voted in favour of its deal with US private equity firm JC Flowers, which will see the mutual become a bank.

Average rents rose for the ninth consecutive month in October by 0.4% to a record high of £691 per month, as tenant arrears fell back, according to LSL Property Services.

The outlook for mortgage lending is likely to stay subdued, according to Council of Mortgage Lender chairman Matthew Wyles speaking at the trade body's conference today.

The direct compliance cost to firms of mortgage intermediaries adopting the RDR's 'independent' and 'restricted' labels will cost firms £17m in a one-off charge, the FSA estimates.

The FSA has outlined plans to ensure key messages about the service mortgages intermediaries offer and their charging structures are clearly given to clients, including oral disclosures for some advice streams.

The FSA is planning to extend the 'restricted' and 'independent' labels to mortgage intermediaries.

The FSA considered moving to an all-advised mortgage market but says consumers should not be "forced" down the advice route.

The BSA has called on the government to step in urgently to debate the future of the mortgage market.

LV= won the award for the Best Lifetime Mortgage provider at the 2010 Equity Release awards.

The FSA this week moved to allay fears interest-only deals will disappear from the market, saying it remains a "sensible" option for some consumers.