FCA speaks on mortgage reform

Emad Aladhal, FCA director of retail banking, spoke of the challenges people face in getting onto the mortgage ladder. He discussed the FCA’s priority of making the mortgage market more accessible while keeping it safe and resilient.

He discussed the importance of being able to get a mortgage – especially because average mortgage payments are currently 20% lower than rental costs, and renting in retirement could cost �400,000 more than owning a home.

He also said the markets and regulation need to support existing borrowers, especially as lending into later life is becoming the norm.

Speaking to the Building Societies Association, he said the reforms the FCA is looking to deliver will take a collective effort between lenders, regulators, Government, developers and others.