The need for consumers to be given advice before being granted a mortgage are regarded as necessary but some experts believe they could hold back a recovery in the housing market and say that they fail to deal with the problem of those who have interest only mortgages with no means of paying off the loan.
The Council of Mortgage Lenders said that it was pleased with the focus on affordability for the borrower, and verification on the part of the lender, to ensure that lending is responsible.
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