Mortgage loans are popular route for a Britisher to have his own place of residence:
Mortgages in the UK are loans typically of the tenure of 25 years or more for the purchase of property and which are repaid in monthly instalments along with interest. Some 200 financial institutions in the country offer mortgages but mainly by building societies and banks. There are also specialized corporations, insurance companies and pension funds that are in this business. Lloyds Bank and Nationwide Building Society are the largest operators.
While banks and building societies are strictly regulated in the country, the erstwhile Financial Services Authority, which has now become the Financial Conduct Authority, or FCA, had created a regulatory scheme specifically for mortgages under the Financial Services Act of 2000. As such, the professional conduct of mortgage providers is regulated by the FCA. Originally, regulations were covered by the rules for Mortgage Conduct of Business, but these regulations were changed after the FCA Mortgage Market Review in 2014. Likewise, all deposit-taking firms in the country are under the jurisdiction of the Prudential Regulation Authority.
UNIQUE TO BRITAIN
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