New proposals could lead people to find flats to rent in the London borough of Camden
There may be a rise in the number of people looking for flats to rent in the London borough of Camden after one expert warned new proposals from the Financial Services Authority (FSA) could result in the end of interest-only mortgages.
Revised regulations are not necessary at this time, as "mortgage lenders are so cautious at the moment anyway and have already tightened their own lending criteria", argued Paula John, editor-in-chief at Your Mortgage.
She added the recovery of the market is not foreseeable for several years.
Ms John observed the FSA proposals are designed to bring about a return to prudent lending, with interest-free loans only made accessible to those who can pass robust affordability tests.
Earlier this year, the FSA announced measures it is bringing in to regulate the ease with which an individual can access all mortgages.
This included a requirement in every case for the borrower's income to be verified to stop mortgage fraud and prevent individuals from exaggerating their salary.
Martyn Glynn
Published 14th October, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
Proposals from the Financial Services Authority could see an end to interest-only mortgages, one expert has noted.