The Financial Conduct Authority (FCA) has issued a call for members of the public, brokers and lenders to come forward and identify areas of the mortgage market where they have concerns.

This is the initial stage before the regulatory body undertakes a full study of the £200bn annual mortgage market. The purpose of the first stage of enquiry is to reveal areas that cause problems due to a lack of competition. Among the responses, the FCA has said it would like views on the Mortgage Review and how this has impacted on borrowers being able to obtain a mortgage, the behaviour of lenders and how easy it is to find a suitable mortgage.

The full study will start in 2016, and the enquiries may lead to changes being made to business practices. The review will look at the conventional mortgage market, the buy-to-let sector and equity release. According to the FCA, there’s a wide range of products available and often the information isn’t made readily available or it may be complex without details of fees and charges.

The founder of, Lindsay Cook, pointed out that information was freely available, although some people would struggle to understand it. The FCA is also concerned that the primary concern for borrowers is often the conditions of a mortgage and the initial cost of interest rates. The regulatory body would like to see people being interested in the long-term costs and how changes in the future may affect them.

Borrowers are advised to seek professional advice from a CeMAP qualified adviser before making any decisions.

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