Mortgage products
The following issue updates are available for Mortgage products.
Adverse credit mortgages (also known as sub prime or non-conforming mortgages)
9 October 2008 | What is an adverse credit mortgage? Where can you find more information? This page also includes the results of the FSA thematic inspection from July 2007.
APR calculations
19 November 2008 | Explains what the Annual Percentage Rate of Charge (APR) is and how it is calculated.
CAT standards
18 November 2008 | An explanation of "CAT" standards and what the standard is for mortgage products.
Citizens Advice Bureau report: Set up to fail - CAB clients' experience of mortgage and secured loan arrears problems
30 July 2008 | The Citizens Advice Bureau (CAB)has published its report "Set up to fail - CAB clients' experience of mortgage and secured loan arrears problems". This page sets out our views on that report.
Codes and Statements of Practice
21 November 2008 | This page provides information about a number of Codes and Statements of Practice which CML members have historically been asked to comply with.
Consumer credit - draft directive
9 October 2008 | This paper provides an overview of the legislative process and key implications for mortgage lenders of the directive on consumer credit, which was published in the Official Journal on 22 May 2008.
Credit reference agency searches
21 November 2008 | This web page provides guidance on the use of searches and leaving "footprints" on consumers' credit files.
Endowment mortgages
28 November 2008 | This page explains the background to endowment complaints, including the ABI's Code of Practice, and summarises recent developments. The most recent update summarised the data for Q2 2008 on endowment complaints.
Equity release
17 September 2008 | This provides an overview of the current position on equity release, including an update on the FSA work on good practices in the lifetime mortgage market.
Freedom of Information Act 2000
1 December 2008 | This page reports two decisions, both relating to the Financial Services Authority, made by the Information Commissioner under the Freedom of Information Act. The most recent update relates to the first of a series of judgments expected.
FSA buy-to-let thematic review
10 November 2008 | The FSA has shared with lenders a summary of the findings of its thematic review of buy-to-let lending.
FSA's comparative information tables
19 November 2008 | This page gives information about the FSA's comparative tables.
Green mortgages
17 September 2008 | This page provides some background information on green mortgages.
Housing benefit reform: recent developments
6 January 2009 | This paper provides an overview of the government reforms to the calculation and payment of housing benefit in the private rented sector. It also addresses the issues that the reforms pose in the social rented sector for lenders involved in funding housing associations.
Islamic home finance
8 December 2006 | Background on Islamic home finance and an overview of the issues.
Leaseholders service charges
24 July 2008 | Some leaseholders who bought their homes under the right-to-buy are facing major works service charges. This could have implications for lenders with respect to existing and future borrowing to finance these properties, and for initiatives to help fund these charges.
Lifetime mortgages - FSA capital requirement under the standardised approach
1 February 2008 | This paper outlines the FSA's guidance on how to calculate the capital requirement for lifetime mortgages under the standardised approach of Basel 2, confirming the treatment agreed with industry over the summer.
Payment protection insurance (PPI)
16 December 2008 | Updated on 15 December 2008 to draw attention to the clarification by the Competition Commission of how their proposals for the sale of PPI will be applied to the intermediary sector.
Private landlords in Scotland - regulation
9 September 2008 | This policy issue deals with a registration scheme for private landlords which was introduced in Scotland on 30 April 2006. It has implications for landlords, tenants and lenders.
Shortfalls on interest-only mortgages
21 November 2008 | On 19 May 2006, the FSA published its consumer fact sheet "Will your investment or savings plan pay off your mortgage?". The fact sheet provides information to consumers facing a shortfall at the end of the mortgage term.
Tenancy deposit protection
24 July 2008 | This provides an overview of the schemes for tenancy deposit protection introduced on 6 April 2007.
