Lenders urged to consider individual mortgage situations

MORTGAGE lenders will be asked by the Financial Regulator to consider taking into account factors directly related to a consumer’s individual situation, in order fully to assess the suitability of a mortgage sale.

These include the purpose of borrowings, age of the consumer, attitude to fixed or variable interest and the type and length of the loan.

The regulator has written to all regulated mortgage lenders setting out areas which, in its view, should be considered when assessing suitability of mortgage sales.