There was further coverage in the midweek financial press of the recent CML report claiming that 5.6 million borrowers will not qualify for a new mortgage under the proposed FSA reforms, which are expected to be implemented next year. Experts in the Daily Mail urged the FSA to reconsider the changes, which will affect the self employed, pensioners, those with poor credit histories or low equity, and borrowers with interest only mortgages. The Daily Express also urged borrowers to look at their mortgage before any changes to rates, criteria or property prices reduces their options. Many experts remain optimistic that rates will stay low until 2012, but any homeowners who are worried about their budget should consider remortgaging now rather than relying on predictions, particularly with fixed rates at a record low. Elsewhere there was news that Britannia Building Society has withdrawn its capped tracker rates, leaving only a few lenders still offering these hybrid deals.
What the papers say- 11th November 2010