The Association of Mortgage Intermediaries (AMI) has called on the FSA to ensure its Mortgage Market Review does not excessively restrict mortgage market activity.
The intermediary body has expressed concern that the review does not adequately consider its impact on how consumers buy and sell property. AMI also warns that the proposals, which focus on a minority of consumers, have the potential to adversely affect the majority, who are responsible consumers.
AMI has called for more consumers to have access to mortgage advice but for lenders and not intermediaries to retain ultimate responsibility for assessing affordability.
It also wants the FSA to not restrict higher Loan To Value (LTV) and Loan To Income (LTI) mortgage products, so as to not limit equity withdrawal or apply “unnecessary controls”” over debt consolidation.