Retirement interest only mortgages
The Financial Conduct Authority recently published CP17/32: Quarterly Consultation Paper No 18
Chapter 9 outlines the FCA’s proposal to introduce a number of changes to MCOB in an effort to address the challenge of maturing interest only mortgages with no repayment vehicle as well as making a facility available to those who may want to extract equity without interest roll up options.
A policy working group has been set up to develop the Council’s response to the consultation. We would welcome input from all members, so if you wish to contribute your views, please email our public affairs consultant and lead drafter, Frances Powrie, by 26 October 2017.
