The City regulator the FSA is setting out new rules to avoid another problem with risky mortgage lending. IFA's mortgage brokers and banks will have to collect much more information and make sure that those people applying for mortgages can afford re payments without this new in-depth classifications at peoples finances before lending the industry may well find themselves facing claims against their professional indemnity insurance policies for not making sure that clients can afford the repayment of their mortgages.
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