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Turner Review welcomed as good news for first-time buyers

19-Mar-2009

There is good news for first-time buyers as the Turner Review warns that regulations on mortgages are "premature".

Lord Adair Turner, chairman of the Financial Service Authority (FSA) said in a briefing this morning that by putting a cap on mortgages, first-time buyers without family support would suffer.

A cap on 100 per cent mortgages had been widely expected to be announced in Lord Turner's review of mortgage lending and regulations, published yesterday.

The review identified three causes of the recession and called for major changes in regulations. The FSA will publish a paper in September outlining the recommendations.

Ray Boulger from John Charcol said there could be "horrendous consequences" if the government decides to put restrictions on mortgages.

He said the decision not to cap mortgages was positive news.

Michael Coogan, director general of the Council of Mortgage Lenders (CML) said the report was a helpful assessment.

"We see the FSA's September paper on the future of mortgage regulation as a real opportunity to help shape a future regulatory landscape that will serve both lenders and consumers better," he said.

According to the latest data from the CML mortgage lending declined by 15 per cent in February from £11.7 billion in January to £9.9 billion.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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