Mortgage Day

Trick or treat! Unfortunately it’s neither. New rules for home loans come out on Halloween 2004. So it’s not just trick and treaters you have to be prepared for on October 31 st. It’s on this date that Financial Services Authority is responsible for controlling Britain’s mortgage industry.

This could mean some homebuyers are left on their laurels if their broker isn’t up to scratch with the new ruling.

It’s not all bad though, the regime should mean better deals for people. Although brokers are likely to be up the air while changes take place. As with all changes it’s probable that a lot of businesses will fail to get in order for the new rules. In worst cases it could mean that firms will have to stop trading. This obviously isn’t good especially as client applications for mortgages will still be going through. This will result in loans being delayed and in worst cases lost altogether.

Once “Mortgage Day” arrives selling most types of mortgages will be a criminal offence unless the broker has been allowed by the FSA. On a lighter note it is said that most broker companies will authorized before the 31 st October.

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