FSA: mortgage rules will return 'common sense' to market

The new rules will come into force in 18 months' time - on 26 April 2014 - and follow the Mortgage Market Review (MMR). The regulator said most of its original proposals, published almost a year ago, will be implemented unchanged. Among others, these include: That lenders - not intermediaries - will be responsible for affordability checks; That lenders will verify income in all cases and stress test against future interest rate increases; That all interactive sales, such as face-to-face and over-the-phone, are 'advised' sales, except where the customer is a mortgage profession...