The FCA has published a package of reforms to the mortgage market rules to support borrowers to find it easier to remortgage, saving time and money. 

Under these changes, borrowers will:

• Find it easier to reduce their mortgage term, helping to lower the total cost of borrowing and reduce the risk of repayment extending into retirement.
• More easily remortgage with a new lender, helping them access cheaper products.
• Be able to discuss options with their mortgage provider and get advice when they need it.

Paul Matthews, Senior Director of Risk at Broadstone, said: “The FCA is taking significant steps to make it easier for consumers to make changes to their mortgages and get better support on their available options. The easing of regulation will allow lenders greater flexibility to innovate in the market and provider homeowners with more choice.

“Mortgage lenders operate in a highly regulated environment and so these latest reforms should support more flexible home ownership with minimal additional risk. Lenders will need to ensure their risk management and modelling framework is robust so they can continue to spot those consumers who need advice or other support.”