First-time buyers and the self-employed could soon find it easier to get a mortgage under new borrowing rules set out by the Financial Conduct Authority (FCA).
The FCA says it will be “simplifying mortgage rules to allow more flexible products” including different repayment patterns, while also acknowledging that work lifestyles are vastly different now from decades ago, which impacts income timing reliability among other areas. That could result in a change to monthly payments as the only default method of paying a mortgage.
