Aldermore comments on the FCA's interim Mortgage Market Study

POSTED: 4th May 2018
IN: Newsroom

Charles McDowell, Aldermore’s Commercial Director, Mortgages comments on the FCA's interim Mortgage Market Study

Charles McDowell, Aldermore’s Commercial Director, Mortgages comments: “We are pleased to see the subject of reversion rates and mortgage prisoners being one of the areas of focus within the FCA’s review and wholeheartedly agree this needs to be investigated further. In order to begin to resolve this issue, we believe the industry needs to build trust and engage with consumers. The consumer often falls victim to a lack of communication and an opacity of information. There needs to be better communication from both the broker and lender; however we recognise that the broker often has the deeper relationship with the borrower. From a lender’s perspective, it is important that we take an appropriate view of the risk when reviewing applications, but there is a need to a strike a fine balance between risk and flexibility, and ultimately act in the consumers’ best interest. We have seen the likes of the self-employed struggle because they do not fit the norm, and the industry needs to consider consumers’ individual circumstances before refusing a remortgage application. Specialist lenders, like Aldermore, take a different approach and manually assess each customer’s circumstances on a case by case basis, meaning we are more likely to be able to offer a solution. We look forward to working closely with the regulator in the next phase of their review.”



For further information, journalists can contact:
Chelsey Palmer, Aldermore 
07341 868 281


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