1 in 5 lenders were not ready for M-Day

And only 5% of lenders think mortgage regulation under the Financial Services Authority (FSA) has achieved the desired result of providing a common format for mortgage illustrations in the form of key facts illustrations. The research, which was conducted as a series of interviews with senior managers of sub-prime lenders, banks and national and regional building societies also reveals 32% of lenders feel regulation has increased the cost of selling a mortgage, inflating costs at a time lenders are feeling the pressure of competition. Meanwhile, 37% of lenders believe the most significa...