The financial regulator is asking whether the UK’s mortgage rules need to change to better support older buyers, self-employed workers and reliable renters who want to get on the property ladder.
Over the past decade, the way we live and work has changed dramatically. Remote working is now the norm for many, retirement ages are shifting, and house prices have risen much faster than wages — all of which have affected affordability.
But has the mortgage market evolved to keep up with these changes? Or is it time for more flexibility to help would-be buyers in places like Thetford and beyond?
The FCA launches a review
The Financial Conduct Authority (FCA) — the body that sets and enforces lending rules — has launched a wide-ranging review of the mortgage market.
The regulator is inviting feedback from industry professionals and the public through an online survey (open until 19 September).
The 37-question survey explores issues such as:
• Should it be easier to access lifetime mortgages?
• How can the system better support self-employed borrowers?
• Should the current mortgage stress test be adjusted?
Who’s struggling to get approved?
Many groups feel today’s rules are too rigid and don’t reflect real-world financial stability.
Self-employed workers and freelancers:
With more than 4.4 million self-employed people in the UK, access to mortgages remains a challenge — especially for those without a partner on a fixed salary.
Older first-time buyers:
Rising house prices mean many people can only buy later in life. But due to their age, lenders often shorten mortgage terms, making monthly payments higher and less affordable.
Reliable renters:
Tenants with strong payment histories can often afford mortgage repayments but struggle to save a deposit. Some feel unfairly locked out of homeownership despite proving long-term financial responsibility.
Balancing access and stability
The UK’s cautious approach to lending was designed to avoid a repeat of the 2008 financial crisis. Any changes must therefore protect both borrowers and the wider market.
The FCA has said:
“We want a well-functioning mortgage market where all borrowers who can afford to repay can access the mortgages they need.”
“This means enabling firms to offer products better tailored to consumers’ needs while maintaining a sustainable mortgage market that reflects the lessons of 2008.”
Have your say
If this topic affects you — whether you’re self-employed, renting, or thinking of buying for the first time — you can share your views directly with the FCA by completing their consultation here: tinyurl.com/4a8bdjss
And if you’re a first-time buyer in Thetford looking for practical advice on how to get mortgage-ready, we’d love to help. Contact us today for expert guidance and a free consultation.
Article by Andrew Overman | Partner | Location Location East
