Homeowners could remortgage their properties with new lenders or reduce their mortgage terms more easily under plans to 'cut the red tape. Chancellor of the Exchequer Rachel Reeves is speaking to various regulators to ensure they run more efficiently and 'cut red tape'.
The details will depend on feedback received, but some ideas in the works have been revealed. Among others, Reeves is reportedly looking into making it easier for homeowners to get a mortgage.
In May, the Financial Conduct Authority (FCA) will launch a consultation proposing early ideas to simplify rules, to make it easier to access options such as remortgaging with a new lender and reducing a mortgage term, reports PA news agency.
Then in June, the FCA will open a public discussion on the future of the mortgage market. This will involve considering what the market needs to deliver for different consumers at different stages in their lives.
The regulator has also reminded lenders of flexibility in its existing rules, to ensure creditworthy consumers can access the affordable mortgage they need, supporting home ownership.
Mortgage lending rules were toughened following the 2008 financial crisis to help ensure there would be no return to irresponsible lending.
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