High street lender Santander has come under fire, as its stringent affordability measures could be pushing some customers to fall into arrears with their mortgage repayments.

It is all based on the outcome of the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) that was carried out by the Financial Conduct Authority (FCA) back in April 2014, when additional regulation was enforced, meaning that lenders had to complete more stringent and detailed affordability checks to confirm that they were lending responsibly.

At the time, the FCA issued correlating guidelines – along with rulings in cases referred to the Financial Ombudsman – that stated some lenience could be applied in the case of existing borrowers who were not changing the terms of their arrangement – i.e, they were not planning to borrow more.

It appears that Santander, along with a number of other lenders, is not applying this lenience, meaning that existing borrowers are missing out on the new ‘lower’ deals and being imprisoned on much higher standard variable rates (SVR), with higher payments seeing them forced into arrears. The number of complaints is building as more and more people protest to the Financial Ombudsman.

Working as a mortgage professional, you must first complete your CeMAP training and pass the end exam before being able to interview and advise customers, having completed a full and thorough assessment of their income and expenditure. You must the operate in line with current regulation, as well as your employer’s policies and guidelines.

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