New mortgage rules could slow real estate recovery and make it harder for property owners to re-mort

[Nicholas Wallwork]

Irresponsible lending practices that saw property owners obtaining*mortgages without proof of income would be outlawed and spending habits*rigorously vetted by lenders in future if new proposals get the go ahead.

New rules outlined by the Financial Services Authority, the UK's*financial regulator, would see self certified mortgages banned in a bid to*make the whole mortgage market more rigorous.

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