FSA mortgage affordability proposals 'impossible to meet'

The poll came in reponse to the FSA’s warning on 5 August that affordability is not being properly taken into consideration when recommending mortgages. The regulator says this is mainly because advisers have not obtained sufficient information regarding their clients’ regular outgoings and other expenditure. However, when asked how easy it was to accurately assess a client’s outgoings, 86.8% of respondents to our poll said it was ‘somewhat difficult’ or ‘very difficult’. Adviser Graham Tetley says even thorough checks of a client’s income and outgoings do not result in 100% disclosure ...